FCMB Completes ₦500 Billion 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 required regulatory approvals.

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

The Nigerian financial services group raised ₦144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33% and drew about 42,800 investors. About 92% of the subscriptions were completed through digital channels, including the FCMB mobile banking application.

FCMB also raised ₦22.7 billion through a mandatory convertible note and realised ₦11 billion from a minority divestment in FCMB Pensions Limited.

A second public offer launched in October 2025 raised ₦231.8 billion and was oversubscribed by 50.5%. It attracted more than 25,800 investors, with the capital raised almost entirely in Nigeria, reflecting the depth of the domestic capital markets.

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

Group Chief Executive Ladi Balogun said the recapitalisation strengthens the institution’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 to build our ecosystem,” Balogun said.

“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.”

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