In a move to meet the Central Bank of Nigeria (CBN) new capital requirement, FCMB Group Plc, yesterday announced that it has successfully completed its public offer and raised about N147.5 billion from investing public.

The Group in a statement on the floor of the Nigerian Exchange Limited (NGX) stated N144.56 billion was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares.

It added that the public offer was oversubscribed by 33 per cent amid high demand from investors.

The financial institution announced the completion of its public offer, following the approvals of the CBN and the Securities and Exchange Commission (SEC).

FCMB Group had issued 15,197,282,219 ordinary shares of 50 kobo each at N7.30 per ordinary share of N0.50kobo each to old and new investors.

The Company Secretary, FCMB Group, Mrs. Olufunmilayo Adedibu in a statement stated that the offer was oversubscribed by 33per cent, attracting 42,800 investors with 92per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.

She said, “the total amount raised and verified by the regulatory authorities is N147,508,464,568.60 and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares. Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.

“This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240 billion, which exceeds the minimum requirement for a national banking license.

“Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.

Commenting on the successful completion of the public offer, Mr. Ladi Balogun, the Group Chief Executive, FCMB Group, in a statement said, ““We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.

“The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realize this potential.

“We also extend our profound appreciation to the CBN, the SEC and the NGX for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone.

“This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.

Verve International, Africa’s pioneering and largest domestic payments scheme, has announced a significant new milestone, further solidifying its market dominance in Nigeria.

The company has now issued over 70 million payment cards in Nigeria, Africa’s largest consumer market.

This achievement comes just 15 months after Verve celebrated issuing 50 million cards, marking a remarkable 40% year-on-year growth in issuance volumes.

In recent years, Verve has become the preferred payment card across various banking services, especially within Nigeria’s burgeoning fintech and neobank sectors.

This success is attributed to Verve’s continuous innovation, deep understanding of local market needs, and strategic partnerships with commercial banks, microfinance institutions, fintech companies, other financial institutions (OFIs), and the public sector.

As Africa’s leading domestic payment card scheme, Verve is dedicated to addressing unique market challenges by offering secure and cost-effective payment solutions for individuals and businesses.

Verve provides both virtual and physical cards, enabling payments for a growing number of international services in local currency.

Over the past three years, Verve has achieved significant progress, securing merchant acceptance with global platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire.

These partnerships underscore Verve’s commitment to providing African users with convenient access to global services in local denominations.

Beyond Nigeria, Verve cardholders can use their cards in over 21 other African countries, ensuring seamless transactions across the continent.

Verve’s expanding partnerships in East Africa, including major financial institutions like KCB Group and Equity Bank, as well as a growing network of savings and credit societies (SACCOs) in Kenya and Uganda, highlight the company’s dedication to driving value and efficiency for African financial institutions.

Vincent Ogbunude, CEO of Verve International, expressed his excitement about this latest milestone, stating, “At Verve International, we continue to deliver global-standard payment solutions tailored to the economic and operational realities of African markets.

“We are delighted to celebrate this phenomenal achievement of adding 20 million new payment cards in Nigeria.

“We are grateful to our issuing partners and loyal cardholders for their support.”

Recently, Verve launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.

Running from August 15 to December 31, 2024, the promo offers instant discounts and rewards at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck.

As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve International remains committed to pushing the boundaries of customer experience and payment possibilities.

Verve cards are trusted for their safety, convenience, and reliability, and can be used across a wide range of payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking channels, web/e-commerce, and mobile apps.

African Development Bank (AfDB) is set to start releasing a $2.2bn fund for the development of Special Agro-Industrial Process Zones in Nigeria (SAPZ).

Abdul Kamara, director general, AfDB Nigeria office, made this known during Channels Television’s 2024 End-Of-Year Review with the theme, ‘Focus on the Agriculture Sector, Food Security, Research and AfDB Investments’.

“Specifically, from next year (2025), we will see contracts signed and mobilization and construction on site will start in some states. Of course, not all the states will start together,” he said.

He said the money would be used for the development of agro-industrial hubs where processing will happen, aggregation centres and agricultural transformation programmes.

The developmental economist said though the Special Agro-Industrial Process Zones was approved by the AfDB Board in 2021, the project is picking up after startup delays attributed to several factors.

“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude. You also have to have it signed with the co-financiers. The Bank had to bring in IFAD (International Fund for Agricultural Development) and Islamic Development Bank as co-financiers,” he said.

Kamara said when the Bank met with some state governors, months back, they agreed on certain actions to accelerate SAPZ.

“In all the seven states including the FCT, Cross River, Ogun, Oyo, Kaduna, Kano and Kwara, in each of the states, we are now in conversation with and are publishing the bidding document so that we’ll shorten the process. So, it’s picking up and that is not strange. Projects that are very complex

“That is even why at the African Investment Forum just concluded early this month, we had a pledge from different financiers to the tune of $2.2bn.

“So, the SAPZ is going to happen and it’s going to deliver as much as we have elsewhere.

“The value, give or take, what the Bank is putting in is about one billion dollars. Of course, if you add what others are bringing in, it will be more than that because we are a convener; we bring in others,” he said.