Kayode Tokede
Nigeria’s FCMB Group Plc is expressing its gratitude to key financial regulators and the Nigerian Exchange Group (NGX Group) following the successful completion of the first phase of its transformative capitalization program. The Group has issued 15,197,282,219 ordinary shares of 50 kobo each at a price of N7.30 per share.
In a statement released by Mr. Ladi Balogun, the Group CEO of FCMB Group Plc, the company acknowledged and thanked the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the NGX Group for their essential roles in facilitating the capital raise.
Balogun praised the CBN for its visionary leadership and commended the SEC for its efforts in reinforcing market confidence and providing guidance during challenging times. He also recognized the NGX Group and the NGX Invest platform for their crucial role in enabling 40,000 investors to participate in the public offer through digital channels.
Furthermore, Balogun emphasized that this capital raise will strengthen FCMB’s balance sheet, improve customer banking experiences, support community development, and create value for shareholders. He highlighted that this initiative will contribute to economic transformation, nation-building, and reshaping the African narrative.
Balogun expressed optimism about FCMB Group’s future, considering the successful capital raise as a step towards promoting shared prosperity and creating a better world for future generations.
After the launch of NGX Invest, Temi Popoola, the Group Managing Director and CEO of NGX Group, emphasized the platform’s role in facilitating 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 Popoola. “Our goal is to digitize these transactions to advance financial inclusion and engage retail investors more effectively.”
This successful capital raise, characterized by a significant number of digital subscriptions, underscores the importance of regulatory support and technological innovation in Nigeria’s evolving financial landscape.
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