FCMB Group Plc, a mid-tier Nigerian lender has notified the NGX that the Board of Directors of FCMB, has resolved to undertake an Offer for Subscription to raise new equity capital.
This is pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024
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 Board is keen to commence the Offer based on a live market price while ensuring that the Offer price reflects an appropriate discount. Details of the Offer will be disclosed upon the receipt of the Securities and Exchange Commission’s (SEC) approval,” FCMB said.
FCMB Group shares closed trading at N11 per share on Friday, 22nd August, for a market capitalisation of N435 billion.
It is up 17% year-to-date and trades at a Price to Earnings (P/E) ratio of 1.95 and Price to Book ratio of 0.60.
FCMB Group saw its non-performing loan (NPL) ratio increase to 13.08%, at the end of the second quarter (Q2) of 2025, reflecting challenges in asset quality, following the reclassification of forbearance loans as NPLs.
FCMB Group net impairment loss on financial assets grew by 180% quarter on quarter to N36.2 billion for the Half Year (H1) period ended June 2025 as its Nigerian Banking subsidiary exited the CBN loan forbearance.
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