FCMB hits ₦500bn Capital Mark, Retains International Banking Licence

FCMB Group Plc has successfully completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, securing the institution’s international banking licence after obtaining all necessary regulatory approvals.

The Group raised over ₦400 billion through a combination of transactions, including public equity offerings, a mandatory convertible instrument and a minority divestment in one of its subsidiaries.

In July 2024, FCMB raised ₦144.6 billion through a public offer that was oversubscribed by 33 per cent and attracted about 42,800 investors. Notably, about 92 per cent of the subscriptions were processed through digital channels, including the FCMB mobile banking application.

The financial services group also secured ₦22.7 billion through a mandatory convertible note, while ₦11 billion was realised from a minority divestment in FCMB Pensions Limited.

A second public offer launched in October 2025 generated ₦231.8 billion and was oversubscribed by 50.5 per cent, drawing participation from more than 25,800 investors. The capital was raised almost entirely within Nigeria, underscoring the growing depth and resilience of the country’s domestic capital market.

With the completion of these transactions and the receipt of regulatory approvals, First City Monument Bank Limited has fully met the ₦500 billion minimum capital requirement for an international banking licence.

Speaking on the development, Group Chief Executive, Ladi Balogun, said the successful recapitalisation strengthens the bank’s capital base and positions the Group for its next phase of growth.

“The recapitalisation programme positions the bank for the next phase of growth. 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 said.

He added that the Group remains committed to promoting inclusive and sustainable growth across its markets.

“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,” he said.

Balogun also appreciated the support of shareholders, investors and regulators, including the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange Limited and the National Pension Commission, in achieving the milestone.

The capital raise forms part of FCMB’s broader strategy to strengthen its capital adequacy and support expansion across its banking and financial services operations. With its stronger balance sheet and improving earnings momentum, the Group is positioning itself to expand its regional footprint and pursue new growth opportunities across its markets.