FCMB meets N500b recapitalisation, retains international banking licence

FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has secured its international banking licence after obtaining all the necessary regulatory approvals.

The group raised over N400 billion through a combination of public equity offerings, a convertible instrument, and a minority divestment in one of its subsidiaries.

In July 2024, FCMB raised N144.6 billion through a public offer that was oversubscribed by 33 per cent attracting approximately 42,800 investors. About 92per cent of subscriptions were completed digitally via the FCMB mobile banking application.

The bank also raised a N22.7 billion through a mandatory convertible note and realised N11 billion from a minority divestment in FCMB Pensions Limited.

A second public offer, launched in October 2025, raised N231.8 billion and was oversubscribed by 50.5 per cent The offer attracted more than 25,800 investors, with the capital raised almost entirely from within Nigeria, highlighting the depth of the domestic capital market.

Following these transactions and regulatory approvals, First City Monument Bank Limited has fully met the N500 billion minimum capital requirement for an international banking licence.

Group Chief Executive, Ladi Balogun, said the recapitalisation strengthens the bank’s capital base and positions the group for its next stage of expansion.

 “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 building our ecosystem.

 “We remain committed to fostering inclusive and 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,” Balogun said

The recapitalisation forms part of FCMB’s strategy to strengthen capital adequacy and support expansion across its banking and financial services operations. The strengthened capital base, combined with improving earnings momentum, positions the group to expand its regional footprint and pursue new growth opportunities across its markets.