FCMB Group Plc has announced the results of its public offer for 16,000,000,000 ordinary shares of 50 kobo each at ₦10.00 per share with the offer oversubscribed by 150.5 percent.
The offer, which opened on October 2, 2025 and closed on November 6, 2025, attracted 25,855 applications for a total of 24,088,389,638 ordinary shares.
According to the allotment announcement released by the financial services group, 25,825 applications representing 24,084,825,000 ordinary shares were considered valid and submitted to the Central Bank of Nigeria (CBN) for capital verification.
Following the verification process, 25,820 applications for 23,110,717,000 ordinary shares were fully verified and approved, resulting in 100 percent allotment for those subscribers.
One application for 24,108,000 ordinary shares was fully verified but allotted 23,415,000 ordinary shares, representing 97.13 percent allotment.
Another application for 100,000,000 ordinary shares was partially verified and allotted 48,755,000 ordinary shares, representing a 48.8 percent allotment.
Three applications totaling 850,000,000 ordinary shares were not verified during the CBN capital verification process.
In addition, 30 applications representing 3,564,638 ordinary shares were rejected for failing to comply with the terms of the offer.
Breakdown of the rejected applications showed that 18 applications for 4,800 ordinary shares did not meet the minimum subscription requirement, while 11 applications covering 3,498,838 ordinary shares did not comply with the subsequent multiples requirement.
One application for 61,000 ordinary shares was also rejected due to the absence of a valid application form.
Overall, the offer recorded a subscription level of 150.5 percent and a final allotment rate of 144.9 percent after completion of the CBN capital verification process.
The basis of allotment covered 25,822 successful applicants who collectively applied for 23,234,825,000 ordinary shares. A total of 23,182,887,000 shares valued at ₦231.83 billion were allotted to investors.
The distribution of shares across subscription ranges showed that retail investors dominated the lower subscription bands. Applicants who subscribed for between 1 and 5,000 shares accounted for 46.41 percent of total applicants, while those in the 5,001 to 10,000 share range represented 16.77 percent.
Investors subscribing for between 10,001 and 20,000 shares accounted for 9.84 percent, while those within the 20,001 to 30,000 share range represented 4.12 percent.
Larger investors also participated in the offer, with subscription ranges extending up to 5 billion shares.
According to the announcement, the Securities and Exchange Commission (SEC) has cleared the basis of allotment and the allotment announcement.
The shares allotted to successful applicants who provided their Central Securities Clearing System (CSCS) account details will be credited to their accounts by March 23, 2026.
Applicants without CSCS accounts will have their shares credited using a Registrar Identification Number in line with the SEC directive on the dematerialisation of share certificates.
Refunds for unsuccessful or partially successful applications will be remitted to affected subscribers on or before March 13, 2026.
The offer was arranged by a consortium of issuing houses including Coronation Merchant Bank Limited, FSDH Capital Limited, Capital Bancorp Plc and FCMB Capital Markets Limited.
The successful completion of the offer is expected to strengthen FCMB Group’s capital base and support its expansion strategy across key financial services segments.