First City Monument Bank, FCMB Plc has announced plans to raise capital as part of its plan for local and international banking operations.
The financial services company made this known in a notice filed with the Nigerian Exchange, NGX and other investing stakeholders, saying whatever is raised from the subscription will be transferred to its banking arm, First City Monument Bank Limited, FCMB Limited.
the company further stated that all the modalities regarding the public offer is subject to the approval of various regulators, including the Securities and Exchange Commission., SEC.
The Group said, “FCMB Group Plc hereby notifies NGX Regulation Limited, our esteemed stakeholders, and the investor community that the Board of Directors of FCMB, acting pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription.
“The offer is being undertaken in furtherance of the company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans. The proceeds of the offer will be remitted as equity into First City Monument Bank Limited.”
The magazine reports that FCMB has taken the right steps to beat the March 2026 recapitalisation deadline set by the Central Bank of Nigeria, CBN, for all commercial banks in the country, as part of a broader plan to leap-frog Nigeria’s economy to $1 trillion mark.
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