FCMB Group Plc Acquires Shareholder Approval for Capital Expansion
In a significant move, FCMB Group Plc has received approval to raise a substantial 340 billion naira, essential for its subsidiary, First City Monument Bank Limited, to meet the Central Bank of Nigeria’s international license standards. The decision, reached during both an in-person and virtual extraordinary general meeting, allows the Group to explore various financial instruments like shares, bonds, and loans to bolster capital. Read More
Moreover, the decision includes shareholder backing for divesting stakes in certain subsidiaries to reinvest in the banking sector. With an authorized capital increase and a $15 million convertible loan, FCMB aims to target select investors. The Group’s CEO, Ladi Balogun, hailed this as a pivotal achievement, highlighting the shareholder’s trust in FCMB’s strategic growth. Recent performance metrics, such as a 67% increase in nine-month profit before tax, indicate strong vote of confidence. Seeing this strategic momentum, could FCMB’s capital expansion influence broader market trends? Share your thoughts!
