By Aduragbemi Omiyale
About 40,000 investors, through various digital channels, subscribed to the N110.94 billion public offer of FCMB Group Plc, which commenced on July 29, 2024, and ended on September 4, 2024.
This information was confirmed by the chief executive of the financial services company, Mr Ladi Balogun, in a statement to appreciate key financial regulators for the successful completion of the initial phase of the organisation’s transformational capitalisation programme.
Mr Balogun said the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX) Group Plc and others played vital roles in the capital raise created to support its banking subsidiary, FCMB Limited, which the central bank said must increase its capital base.
The chief executive praised the CBN for its visionary leadership and commended the SEC for its efforts in reinforcing market confidence and providing guidance through challenging periods.
He also acknowledged NGX Group and the NGX Invest platform for their crucial role in enabling 40,000 investors to subscribe to the public offer through digital channels, underscoring the importance of regulatory support and technological innovation in Nigeria’s evolving financial landscape.
The former banker noted that the capital raise would bolster FCMB’s balance sheet, enhance customer banking experiences, support community development, and generate value for shareholders, emphasising that this initiative would contribute to economic transformation, nation-building, and reshaping the African narrative.
Mr Balogun expressed optimism about FCMB Group’s future, seeing the successful capital raise as a step toward fostering shared prosperity and creating a better world for future generations.
Following the Go-Live of NGX Invest, the chief executive of NGX Group, Mr Temi Popoola, highlighted the role of the platform in stimulating successful capital raising.
“With the support of regulators and stakeholders, we have developed a fully digitized market infrastructure for distributing financial products, including public offers and rights issues,” said Mr Popoola.
“Our aim is to digitize these transactions to advance financial inclusion and more effectively engage retail investors,” he added.