FCMB Group Eyes Global Expansion With New Equity Capital Offering
- FCMB Group Plc is planning an equity capital offering to strengthen its balance sheet and support its regional and global expansion
- The offering follows shareholder approval and will be priced at the live market rate with a discount to encourage investor participation.
- The Group has reported strong financial growth, with a 23% increase in after-tax profit and a 41% rise in gross earnings for the first half of 2025
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
A new equity capital offering is being planned by FCMB Group Plc to bolster its balance sheet and finance its intended regional and global expansion.
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Following approval by shareholders at an Extraordinary General Meeting, the Group's flagship banking unit, First City Monument Bank Limited, will receive the proceeds of the offer.
According to a statement signed by its Company Secretary, Olufunmi Adedibu, “FCMB hereby notifies NGX Regulation Limited (“NGX Reg”), our esteemed stakeholders, and the investor community that the Board of Directors of FCMB, acting pursuant to the approval granted by the shareholders at the Extraordinary General Meeting held on December 19, 2024, has resolved to undertake an Offer for Subscription (‘the Offer’)."
“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.”
Adedibu went on to say that, in order to promote investor involvement, the offer will be priced at the live market rate plus a discount. Following approval by the Securities and Exchange Commission, the issuance's final details will be made public.
The anticipated increase coincides with the Group's ongoing impressive financial results. FCMB reported an after-tax profit of N73.42 billion for the first half of 2025, which is a 23% increase over the N59.48 billion it reported for the same period in 2024.
Gross earnings increased by 41% year over year to N529.2 billion, mostly due to higher interest income and increased transaction volumes across its asset management and digital businesses.
Despite a sharp increase in interest expenses, which rose by 54% to N251 billion, net interest income nearly doubled to N207.4 billion, up from N106.2 billion the previous year. Fee and commission income also increased by 31% to N47.4 billion, reflecting increased customer activity.
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Operating costs also increased significantly, with general administration expenditures growing by 59% to N57.2 billion and staff costs climbing by 34% to N48.3 billion.
Profit before taxes increased by 23% year over year to N79.1 billion, despite these cost headwinds. As of March 2025, the Group's total assets were N7.40 trillion, up by 5% from N7.05 trillion at the end of 2024. Additionally, customer loans and advances increased slightly to N2.44 trillion, bolstering lending in important industries.
FCMB opens 2025 internship programme for Nigerian graduates
Legit.ng reported that First City Monument Bank (FCMB), a prominent player in Nigeria's financial services landscape, has announced the commencement of its 2025 Management Internship Program.
Aimed at recent graduates looking to build a career in finance, research, and client engagement, this opportunity opens the door to one of the country’s most respected institutions.
As part of FCMB Group Plc, FCMB Asset Management Limited, the host of the internship, is a licensed investment firm providing wealth management, financial advisory, and portfolio services across Nigeria.
Source: Legit.ng
