UPDATE 1-Nigeria’s FCMB raises $95.8 mln to comply with new capital requirement

(Adds details)

By Chijioke Ohuocha

ABUJA, Dec 30 (Reuters) – Nigeria’s FCMB Group has raised 147.5 billion naira ($95.84 million) through a public offering of shares to meet regulatory requirements to operate a national banking licence, it said on Monday.

The group, which owns First City Monument Bank Limited, said it had sold 19.8 billion ordinary shares at 7.30 naira each, attracting 42,800 investors.

Nigeria’s central bank directed lenders in March to

increase capital

within a two-year period to strengthen the financial system and support economic growth.

Commercial banks with international authorization must have at least 500 billion naira in capital under the new rule. Banks have been announcing capital raising plans to meet the new threshold.

FCMB said it planned to raise further capital to retain its international banking license.

Last week, Access Bank said it had raised 351 billion naira via a share sale to existing shareholders.

($1 = 1,539.00 naira) (Reporting by Chijioke Ohuocha; Editing by Kevin Liffey)

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