FCMB Appoints New Executive Director After Completing Important Excercise

• Felicia Obozuwa has been named Executive Director, Corporate Services and Service Management at First City Monument Bank
• Obozuwa joins her new role with almost thirty years of expertise and a track record of success in the industry
• Following the SEC and Central Bank of Nigeria's clearances, FCMB Group Plc recently concluded its public offering

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

First City Monument Bank (FCMB) has appointed Felicia Obozuwa as Executive Director, Corporate Services and Service Management, following approval from the Central Bank of Nigeria (CBN).

Obozuwa brings nearly three decades of experience and a proven track record of excellence to her new position.

The bank said her expertise and leadership will be invaluable assets as it continues to drive strategic growth and innovation.

“In her current role, she oversees the Bank’s Operations, Service Management, Human Resources, Training, Administration, Property Development, and Project Management.

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“She holds a law degree from Obafemi Awolowo University, Ile-Ife, Nigeria, and an MBA from the University of Exeter in the United Kingdom.

“We are thrilled to welcome Felicia to our Board. Her passion, expertise, and commitment to excellence make her an ideal fit for this position,” the bank explained in a statement.

This came after FCMB Group Plc has completed its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The offer was oversubscribed by 33%, attracting 42,800 investors with 92% 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, according to the company’s secretary Oluwafunmilayo Adedibu.

To meet the goal of raising core capital (excluding equity) for its banking business to at least half a trillion naira by March 2026, FCMB Group, the owners of First City Monument Bank, may consider reducing its stake in subsidiaries.

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Premium Times reported that, the board of directors is expected to call a meeting to ask shareholders to approve a plan by the lender to sell some of its stakes in subsidiaries to prospective investors in exchange for cash.

If that path is taken, the deal's proceeds might assist the lender in fulfilling the increased capital requirements.

In a statement to the Nigerian Exchange, the financial services provider revealed that it operates in a number of areas, including trusteeship, asset management, microlending, and pensions.

The board, at its discretion, will “invest such portions of the proceeds of the divestments into First City Monument Bank Limited, as parts of steps to meet its capital raise objectives,” the statement noted. Recall that during the first phase of its recapitalization drive, which aimed to raise N150 billion from investors, FCMB Group eventually raise N110.9 billion through a public offering in July.

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Legit.ng reported that FCMB Group Plc has completed its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The offer was oversubscribed by 33%, attracting 42,800 investors with 92% 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, according to the company’s secretary Oluwafunmilayo Adedibu.

In a statement, Adedibu explained 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.

Source: Legit.ng