FCMB completes N500bn recapitalisation, retains international banking license

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

The Group raised more than N400 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 N144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33 percent and drew about 42,800 investors. About 92 percent of the subscriptions were completed through digital channels, including the FCMB mobile banking application.

FCMB also raised 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 percent. It attracted more than 25,800 investors, with the capital raised almost entirely in Nigeria, reflecting the depth of the domestic capital markets.

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

Ladi Balogun, group chief executive, FCMB Group Plc 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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.