FCMB Group Successfully Completes Major ₦500 Billion Recapitalisation Drive
FCMB Group Plc has announced the successful completion of a comprehensive recapitalisation programme for its banking subsidiary, First City Monument Bank Limited. This strategic move has enabled the institution to fully meet the stringent ₦500 billion minimum capital requirement mandated for retaining an international banking licence in Nigeria. The group has obtained all necessary regulatory approvals, securing its position as a licensed international banking entity.
Multi-Tiered Capital Raising Strategy Exceeds ₦400 Billion
The financial services group executed a series of sophisticated transactions that collectively raised more than ₦400 billion. The capital injection was achieved through a combination of public equity offerings, a convertible instrument, and a strategic minority divestment in one of its subsidiary companies.
Initial Public Offer Demonstrates Strong Investor Confidence
In July 2024, FCMB launched its first public offer, which successfully raised ₦144.6 billion. This offering was notably oversubscribed by 33%, attracting approximately 42,800 investors. A remarkable 92% of these subscriptions were processed through digital channels, prominently featuring the FCMB mobile banking application, highlighting the institution's technological advancement and customer adoption.
Additional Capital Instruments Bolster Financial Position
Complementing the public offer, FCMB raised ₦22.7 billion through a mandatory convertible note, while simultaneously realising ₦11 billion from a minority divestment in FCMB Pensions Limited. These transactions further strengthened the group's capital structure and financial flexibility.
Second Public Offer Reflects Domestic Market Depth
Building on this momentum, FCMB launched a second public offer in October 2025, which proved even more successful. This offering raised ₦231.8 billion and was oversubscribed by an impressive 50.5%. The transaction attracted more than 25,800 investors, with the capital raised almost entirely within Nigeria. This outcome underscores the depth and sophistication of the domestic capital markets, demonstrating strong local investor confidence in the institution's prospects.
Strategic Positioning for Regional and Global Expansion
Following the completion of these transactions and the receipt of regulatory approvals, First City Monument Bank Limited has now fully satisfied the ₦500 billion capital threshold required for an international banking licence. Group Chief Executive Ladi Balogun emphasised that this recapitalisation fundamentally strengthens the institution's capital base and strategically positions the group for its next phase of expansion.
"The recapitalisation programme positions the Bank for the next phase of growth," stated Balogun. "With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem."
Balogun further articulated the group's broader vision: "We remain committed to fostering inclusive, sustainable growth in the communities we serve, from Nigeria to the rest of Africa and increasingly, to the wider global community. We thank our shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission for their support in achieving this milestone."
Foundation for Future Growth and Market Leadership
The substantial capital raise forms a core component of FCMB's overarching strategy to enhance capital adequacy and support ambitious expansion across its comprehensive banking and financial services operations. The significantly strengthened capital base, combined with improving earnings momentum, now positions the group to aggressively expand its regional footprint and proactively pursue new growth opportunities across its diverse markets. This achievement marks a pivotal moment in FCMB's evolution as a leading financial institution in Nigeria and beyond.
