The shareholders of FCMB Group Plc have authorised the N340bn that the banking group intends to lift as further capital to satisfy the brand new capital requirement of the Central Financial institution of Nigeria for its banking subsidiary, First Metropolis Monument Financial institution Restricted.
The approval was granted throughout a latest digital extraordinary common assembly held in Lagos.
FCMB accomplished the primary part of its capital-raising programme in September, disclosing plans to lift N150bn between April and September 2024 as a part of its recapitalisation efforts.
The authorised measures embody growing the authorised further capital elevate from N150bn to N340bn, which empowers the Group to discover a various combine of economic devices, comparable to peculiar and desire shares, convertible and non-convertible securities, bonds, and loans.
Shareholders additionally endorsed the divestment of stakes in a number of subsidiaries, with proceeds earmarked for reinvestment within the banking subsidiary, and the acceptance of surplus funds arising from the oversubscription of the general public provide launched in July 2024, topic to regulatory approvals.
Moreover, the assembly authorised a rise within the firm’s issued share capital from N19.8bn to 39.6bn peculiar shares of 50k every whereas authorising the elevate of as much as $15m (or its naira equal) by way of a compulsory convertible mortgage focused at choose certified buyers.
Commenting on the approval, the Group Chief Government, Ladi Balogun, stated, “It is a important milestone,” and famous that it highlighted the shareholders’ confidence in FCMB Group’s strategic route.
In its nine-month report for the interval ended September 30, 2024, FCMB Group reported a 67 per cent development in revenue earlier than tax to N91.8bn. The PBT development was distributed throughout the Group’s working divisions with the Nigerian Banking operations accounting for 68 per cent of the whole PBT, whereas 32 per cent got here from different working firms.