FCMB Group Plc has announced plans to raise ₦340 billion through a public offering as part of a comprehensive recapitalisation strategy, according to a notice for an Extraordinary General Meeting.
As stated in a notice filed with the Nigerian Exchange Limited (NGX) on Friday, the financial services group is seeking shareholder approval for several key resolutions, including increasing its authorised share capital from ₦245 billion to ₦340 billion.
The company plans to consolidate existing shares and subsequently launch a public offer that could raise between ₦251.76 billion and ₦340 billion.
Under the proposed plan, FCMB Group intends to consolidate every 19 ordinary shares into one ordinary share. Following this consolidation, the company would offer between 125.9 billion and 170 billion new ordinary shares at ₦2 per share through the 2024 Public Offer.
The capital-raising exercise comes after the Group obtained shareholders’ approval for a ₦150 billion capital increase at its Annual General Meeting in May 2024. However, the company increased this amount to ₦340 billion following strong investor demand during the capital raise preparation.
According to the notice signed by Company Secretary Olusegun Adeosun, the recapitalisation aims to strengthen the Group’s regulatory capital base and support its strategic business objectives. The funds will be used to enhance the capital positions of the Group’s banking subsidiary, First City Monument Bank Limited (FCMB Limited), and other entities within the Group.
News.ng reports that the move aligns with evolving regulatory requirements and positions the Group to maintain competitiveness in Nigeria’s financial services sector.
Shareholders will vote on the resolutions at an Extraordinary General Meeting scheduled for December 2025. The meeting will be held both physically and virtually, with registered shareholders entitled to participate and vote on the proposals.
The Board of Directors has recommended that shareholders approve all resolutions to enable the successful execution of the capital-raising exercise.
