CBN, SEC approve FCMB Group’s rights offer

The Central Bank of Nigeria and the Securities and Exchange Commission have approved the N147bn rights offer of FCMB Group.

This was disclosed in a statement issued on Monday which was signed by the Company Secretary, Olufunmilayo Adedibu.

This marked the second approval from the CBN in days on the first tranche of capital-raising exercise of banks this year.

It was revealed that the offer was oversubscribed by 33 per cent, attracting 42,800 investors, with 92 per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.

The total amount raised and verified by the regulators is N147,508,464,568.60, and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share, bringing the total post-offer issued shares to 39,605,421,562 shares.

FCMB said that it has also obtained regulatory approvals to use the net proceeds of the public offer to strengthen the capital base of its banking subsidiary, First City Monument Bank.