FCMB lauds regulators, NGX Group for successful capital raise

FCMB Group Plc has extended its appreciation to key financial regulators and Nigerian Exchange Group (NGX Group) following the successful completion of the initial phase of its transformational capitalisation programme.

In a statement released by the Group Chief Executive Officer of FCMB Group Plc, Mr. Ladi Barogun, the company expressed gratitude to the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and NGX Group for their critical 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 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.

He noted that the capital raise will bolster FCMB’s balance sheet, enhance customer banking experiences, support community development, and generate value for shareholders. And emphasized that this initiative would contribute to economic transformation, nation-building, and reshaping the African narrative.

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, Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, 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 Popoola. “Our aim is to digitize these transactions to advance financial inclusion and more effectively engage retail investors.”

This successful capital raise, marked by a high number of digital subscriptions, underscores the importance of regulatory support and technological innovation in Nigeria’s evolving financial landscape.