NGX backs FCMB N111bn capital raise
The Nigerian Exchange Limited has expressed its support for FCMB Group Plc’s plan to raise N110.9bn through a public offering.
FCMB Group commenced its public offer of 15.197 billion shares at N7.30 per share on July 29 and will close on September 4.
According to a statement made available to our correspondent on Thursday, the capital raise is aimed at bolstering the group’s operational capacity and supporting its growth initiatives.
The FCMB Group Chief Executive, Ladi Balogun, stated that despite challenging economic conditions, the bank had maintained strong performance metrics, including revenue growth and profitabil
The Group Chief Executive Officer of the Nigerian Exchange Group, Temi Popoola, lauded FCMB’s initiative, emphasising the exchange’s support for the capital raise.
He noted that FCMB’s digital innovations around the public offer aligned with NGX’s digital transformation goals.
Popoola highlighted FCMB’s achievements, such as increased net income and expanded digital banking services, adding that the group’s portfolio and innovative strategies had allowed it to successfully navigate economic challenges while focusing on growth and sustainability.
“We believe FCMB will find the necessary support from the entire capital market community,” Popoola stated.
Also, the Chief Executive Officer of the Nigerian Exchange Limited, Jude Chiemeka, expressed optimism about the capital raise, reiterating the exchange’s dedication to ensuring a smooth process and highlighting FCMB’s strategic use of digital banking services to enhance shareholder value.
The PUNCH reports that FCMB Group’s profit before tax jumped by 192.6 per cent to N31.3bn in the first quarter of 2024.
Investment banking led the group’s growth, improving by 228.1 per cent, followed by consumer finance, banking group, and investment management, which were up by 165.4 per cent, 157.2 per cent, and 74.3 per cent, respectively.
