By Ikechukwu Emelike

Fist city monument Bank Plc has announced that its recently concluded public offer attained a subscription level of 223 percent .The bank which went to the capital market between october 16 2007 and november 13 2007 to raise funds through the offer for subscription of 4.5 billion ordinary share of 50 kobo each at N14.0 per share and $100 million or N12.6 billion of Global Depository Receipts ( GDR ) which were offered internationally has also received approval from the securities and exchange commission for the basis of its allotment for the domestic offering. In a statement by the bank a total of N167.9 billion was raised from both the domestic offering and the GDR.

The chief executive officer of the bank, Mr Ladi Balogun said that subscribers to the domestic offer would start recieving their share certificates and return / rejected money warrant within the next 15 working days. The bank has said that monies collected from the offer would be utilized in project financing, Investment banking, acquisition and capitalization of stock broking activities amongst other things. Shareholders of the bank have gained capital appreciation of N6.00 since the last public offer as the bank closed on the floor of the Nigeria stock exchange at N20.00 on February 8, 2008.

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