FCMB Group Plc has successfully completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, securing its international banking licence after obtaining all required regulatory approvals.
The Group raised more than ₦400 billion through a combination of public equity offerings, a convertible instrument, and a minority divestment in one of its subsidiaries.
In July 2024, the Nigerian financial services group raised ₦144.6 billion through a public offer that was oversubscribed by 33 percent and attracted about 42,800 investors. Approximately 92 percent 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 percent. The offer attracted more than 25,800 investors, with the capital raised almost entirely within Nigeria, underscoring the depth and growing participation in the domestic capital markets.
Following the completion of these transactions and receipt of all regulatory approvals, First City Monument Bank Limited has now fully met the ₦500 billion minimum capital requirement for an international banking licence.
Group Chief Executive Ladi Balogun said the recapitalisation significantly strengthens the institution’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 our 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. 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 Group’s broader strategy to strengthen capital adequacy and support expansion across its banking and financial services operations. With a stronger capital base and improving earnings momentum, the Group is positioned to expand its regional footprint and pursue new growth opportunities across its markets
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