FCMB Group Plc is seeking shareholder approval to increase its capital-raise limit to N370 billion as the Nigerian lender races to meet the Central Bank of Nigeria’s (CBN) tougher capital rules and accommodate strong investor demand for its ongoing public offer.
The board is asking shareholders to approve the higher ceiling at an Extraordinary General Meeting scheduled for December 8, according to a notice to investors on the Nigerian Exchange.
The virtual meeting will also consider authorizing the acceptance of oversubscriptions from the bank’s 2025 public offer and creating additional shares needed to complete the raise.