FCMB Group Seeks Shareholder Approval to Raise Capital Limit to N370 Billion

FCMB Group Plc plans to request shareholder approval to increase its share capital as part of its ongoing N160 billion capital-raising initiative.

The announcement was made in a Notice of Extraordinary General Meeting (EGM) filed on the Nigerian Exchange Limited on Friday. The virtual EGM is scheduled for 8 December 2025, with the primary agenda being a resolution to raise the company’s capital limit from N340 billion to N370 billion, or its equivalent in other currencies as determined by the Board of Directors.

The proposed increase would be implemented through the issuance of various securities, including ordinary shares, preference shares, convertible or non-convertible notes, loans, bonds, or other instruments, in both Nigerian and international capital markets. This could be done via public offerings, private placements, rights issues, or other approved transaction methods.

Shareholders will also vote on allowing the company to accept oversubscriptions from the 2025 public share offer, subject to regulatory approvals.

To facilitate this, FCMB seeks to increase its issued share capital from N30.002 billion, currently divided into over 60 billion ordinary shares of 50 kobo each, by creating additional shares necessary to execute the capital raise. The Board would also be authorised to allot these new shares to relevant investors.

If approved, the new shares will rank equally with existing shares, and the company will amend Clause 6 of its Memorandum of Association to reflect the updated share capital.