Nigeria, Aug. 23 -- FCMB Group is turning to the market soon to source more cash in the second phase of the share sales that helped raise N147.5 billion from the public last year to further its recapitalisation goals.

The board of directors has shareholders' backing from an extraordinary general meeting in December to proceed with the arrangement, the group disclosed on Friday, intending to announce the next move when the Securities and Exchange Commission, approves.

"The board is keen to commence the offer based on a live market price while ensuring that the Offer price reflects an appropriate discount," a notification to the Nigerian Exchange stated

How much the banking group is looking to raise is still under wraps. Nevertheless, a ...