FCMB finalizes N500 billion capital boost, maintains global operating permit

FCMB Group Plc has successfully completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has obtained its international banking licence after receiving all necessary regulatory approvals, thereby meeting the requirements to operate on a global scale.

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The Group has raised over N400 billion in capital through various transactions, including public equity offerings, a convertible instrument, and the divestment of a minority stake in one of its subsidiaries, demonstrating its ability to attract significant investment.

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A public offer launched by the Group in July 2024 raised N144.6 billion, exceeding the target by 33% and attracting approximately 42,800 investors, with the majority of subscriptions, about 92%, being completed digitally, including through the FCMB mobile banking application.

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FCMB also generated N22.7 billion through a mandatory convertible note and realised N11 billion from the divestment of a minority stake in FCMB Pensions Limited, further bolstering its capital base.

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A second public offer, launched in October 2025, raised N231.8 billion, surpassing the target by 50.5%, and drew over 25,800 investors, with the capital raised primarily in Nigeria, highlighting the depth of the domestic capital markets.

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With the completion of these transactions and the receipt of regulatory approvals, First City Monument Bank Limited has fully met the minimum capital requirement of N500 billion for an international banking licence, positioning it for expanded operations.

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According to Group Chief Executive, Ladi Balogun, the recapitalisation has significantly strengthened the institution’s capital base, paving the way for its next phase of expansion and growth.

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Ladi Balogun stated that the recapitalisation programme has positioned the Bank for its next growth phase, with plans to expand its regional presence, enhance technology capabilities, and build its ecosystem, while remaining committed to fostering inclusive and sustainable growth in the communities it serves.

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The Group’s capital raise is part of its strategy to enhance capital adequacy and support expansion across its banking and financial services operations, with the strengthened capital base and improving earnings momentum positioning it for regional expansion and the pursuit of new growth opportunities.