FCMB Group Plc is seeking to raise about N110.94 billion from investors in the Nigerian stock market to shore up its paid-up capital as mandated by the Central Bank of Nigeria.
According to Olayemi Cardoso, Governor of the CBN, banks have up till March 2026 to meet the new capital mandate.
The Bank on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion.
The new minimum capital base for commercial banks with national authorisation is now N200 billion, while the new requirement for those with regional authorization is N50 billion.
The new minimum capital for merchant banks would be N50 billion, while the new requirements for non-interest banks with national and regional authorisation are N20 billion and N10 billion, respectively.
Futureview Financial Services Limited, one of the dealing firms for the Offer noted that the FCMB Group had made Offer for Subscription of 15,197,289,219 ordinary shares at N7.30k per share to the general investing public and scheduled to close on Wednesday, 4th of September, 2024.
FCMB Group Plc is a holding company that engages in the provision of banking and financial services to its corporate and individual customers through its subsidiaries.
The Group has been in operation for over 45 years, evolving from its investment banking roots in 1977 into a financial holding company divided broadly into four (4) business groups with 7 principal & 2 tertiary subsidiaries which are FCMB Limited, FCMB (UK) Limited, and FCMB Microfinance Bank Limited; Consumer Finance: Credit Direct Limited; Investment Banking: FCMB Capital Markets Limited and CSL Stockbrokers Limited, Investment Management: FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.
