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NGX expresses confidence in Fcmb Group’s N110.9 billion capital raising

Posted on by darion

The Group Chief Executive Officer of the Nigerian Exchange Group, Mr. Temi Popoola, has commended the FCMB Group and expressed support for its capital raising of N110.9 billion.

In his tribute, he acknowledged the digital innovations the Group has developed around its IPO and how these initiatives fit into NGX’s digital transformation strategy.

“We have no doubt that this is a powerful story and as we embark on this journey with FCMB today as a whole capital markets community, they will find the support they need.

I wish FCMB all the best,” Popoola noted. Similarly, CEO of Nigerian Exchange Limited, Mr. Jude Chiemeka expressed optimism about FCMB’s capital raise, underlining the exchange’s commitment to facilitating a smooth process.

FCMB Group Plc, a leading player in the Nigerian financial market, recently held a Facts Behind the Offer (FBO) session on the Nigerian Exchange (NGX) as part of its plan to raise N110.9 billion.

The Group commenced the public offering of 15.197 billion shares at a price of N7.30 per share, representing N110.9 billion, on July 29, 2024. It is expected to close on September 4, 2024.

During the session, FCMB Group led by its CEO, Mr. Ladi Balogun, presented compelling evidence of the Group’s resilience, operational strength and financial performance.

Despite ongoing economic uncertainty and market volatility, FCMB Group maintained solid growth and demonstrated exceptional resilience.

The Group recorded significant improvement in key financial indicators, including revenue growth and profitability, underlining management effectiveness and strategic flexibility.

The Group CEO said: “Our results this year reflect the resilience of the FCMB Group and our ability to adapt to changing market conditions.

Today’s presentation at the Nigerian Exchange highlights not only our financial achievements but also our commitment to delivering long-term value to our shareholders and stakeholders.”

The FBO session focused on several key achievements of the Group, including a significant increase in net income and further expansion in the area of ​​digital banking services.

The Group’s diversified offering and innovative strategies have allowed it to effectively address economic challenges while continuing to invest in growth and sustainable development.