Emmanuel Afonja
Business Column Analyst
FCMB Group Plc has successfully completed the recapitalisation of its flagship banking subsidiary, First City Monument Bank Limited, fulfilling the capital requirement needed to retain its international banking licence.
The financial group confirmed that the recapitalisation programme exceeded ₦500 billion after securing all necessary regulatory clearances from key financial authorities.
To reach the new capital threshold, FCMB executed several funding initiatives that collectively generated over ₦400 billion. These included public share offers, the issuance of a convertible financial instrument, and the sale of a minority stake in one of its subsidiaries.
One of the early steps in the programme was a public equity offer launched in July 2024, which brought in ₦144.6 billion. Investor interest in the offer was strong, with subscriptions surpassing expectations by 33 percent and drawing participation from about 42,800 investors. Notably, a significant majority of investors completed their subscriptions through digital channels, particularly the bank’s mobile banking platform.
The group also raised an additional ₦22.7 billion through a mandatory convertible note. A further ₦11 billion was realised after the company divested a minority interest in FCMB Pensions Limited.
To complete the recapitalisation drive, FCMB launched a second public share offer in October 2025. The offer attracted widespread interest from investors and raised ₦231.8 billion, exceeding the target by more than 50 percent. Over 25,800 investors participated in the exercise, with the overwhelming majority of the funds sourced from within Nigeria, highlighting the growing strength of the domestic capital market.
Following the successful completion of these fundraising activities and the final regulatory approvals, First City Monument Bank Limited has now fully met the ₦500 billion capital benchmark required for banks operating with an international licence.
Group Chief Executive, Ladi Balogun, described the development as a major milestone that will strengthen the group’s financial foundation and enable it to pursue broader expansion opportunities.
According to him, the strengthened capital base places the institution in a stronger position to drive the next phase of growth, expand its presence across regional markets, and enhance its digital and technological capabilities.
Balogun also reiterated the group’s commitment to promoting inclusive and sustainable economic development across the communities where it operates, from Nigeria to other parts of Africa and gradually into the global market.
He expressed appreciation to shareholders, investors and regulators — including the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange Limited, and National Pension Commission — for their support throughout the recapitalisation process.
The successful capital raise forms a key part of FCMB’s broader strategy to reinforce its financial strength, improve capital adequacy, and support expansion across its banking and financial services operations. With a stronger balance sheet and improving earnings outlook, the group is now positioned to deepen its presence across regional markets while exploring new opportunities for growth.
