FCMB Allots 23.18 Billion Shares after N160 Billion Public Offer is Oversubscribed

FCMB Group Plc has released the allotment results of its N160 billion public offer, confirming that the capital raise was oversubscribed and attracted strong investor interest.

In a corporate filing submitted to the Nigerian Exchange (NGX) on March 9, 2026, the Group disclosed that the Securities and Exchange Commission (SEC) approved the allotment of 23.18 billion ordinary shares to successful applicants.

The offer, which opened on October 2, 2025, and closed on November 6, 2025, initially sought to raise funds through the sale of 16 billion ordinary shares at N10 per share.

Final results, however, show that demand went beyond expectations, enabling the financial group to raise additional capital and strengthen its position as it works to retain its international banking licence.

Strong Investor Demand

Figures contained in the allotment schedule reveal strong participation from both retail and institutional investors.

A total of 25,855 applications were received for more than 24.08 billion shares, representing an oversubscription of about 50.5% above the 16 billion shares initially offered.

After a verification process by the Central Bank of Nigeria (CBN), 25,825 applications were confirmed as valid.

FCMB Group subsequently absorbed a large portion of the excess demand, resulting in the allotment of 23,182,887,000 ordinary shares.

Breakdown of the Allotment

The allotment structure was designed to maintain broad investor participation.

According to the document signed by Olufunmilayo Adedibu, company secretary of FCMB Group Plc, most successful applicants received full allocations.

• Full allotment: 25,820 applicants received 100% of the shares they applied for after meeting all regulatory requirements.
• Partial allotment: Applications covering about 24.1 million shares were only partially verified, leading to an allotment of 23.4 million units.
• Rejected applications: About 30 applications were disqualified due to incomplete Know Your Customer (KYC) documentation or failed payment verification.

Planned Use of the Capital

Group Chief Executive Officer Ladi Balogun had earlier outlined how the new capital would be deployed under the bank’s “FCMB 3.0” growth strategy.

The largest portion of the proceeds, about 85.49% or N133.87 billion, is earmarked for business expansion, particularly lending to small and medium-sized enterprises and retail customers.

Another 11.12% (N17.4 billion) will go into strengthening the Group’s technology infrastructure, including cybersecurity systems aimed at reducing digital fraud risks.

The remaining 3.39% (N5.3 billion) will be used for staff development, training and talent retention across the Group.

Meeting the Recapitalisation Threshold

In a follow-up notice to the market, FCMB Group also confirmed that it has crossed the N500 billion capital threshold required for banks with international licences.

The successful capital raise is expected to strengthen the bank’s capital adequacy and improve its ability to compete with larger Tier-1 banks, particularly as opportunities expand under the African Continental Free Trade Area (AfCFTA).

Share Credit and Refunds

The Group said successful applicants should expect their accounts at the Central Securities Clearing System (CSCS) to be credited on or before Monday, March 23, 2026.

For applicants whose subscriptions were unsuccessful or partially refunded, CardinalStone Registrars will begin processing refunds, including accrued interest where applicable, starting from Friday, March 13, 2026.

With the recapitalisation exercise completed, attention in the market is expected to shift to FCMB Group’s first-quarter 2026 financial results to assess how quickly the additional capital supports growth and lending activities.

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