FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, after securing all necessary regulatory approvals and retaining its international banking licence.
The financial services group raised more than ₦400 billion through a series of transactions, including public equity offers, a convertible instrument, and a minority divestment in one of its subsidiaries.
In July 2024, FCMB raised ₦144.6 billion through a public offer that was oversubscribed by 33 percent and attracted about 42,800 investors. About 92 percent of the subscriptions were completed through digital channels, including the bank’s mobile banking application.
The group 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 generated ₦231.8 billion and was oversubscribed by 50.5 percent. The offer attracted more than 25,800 investors, with most of the capital raised locally, highlighting the depth of Nigeria’s domestic capital markets.
Following the completion of these transactions and the receipt of regulatory approvals, First City Monument Bank Limited has now met the ₦500 billion minimum capital requirement for an international banking licence set by the Central Bank of Nigeria.
Group Chief Executive Ladi Balogun said the recapitalisation strengthens the bank’s capital base and positions the group for its next phase 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.
He added that the group remains committed to inclusive and sustainable growth across the markets it serves.
“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 Nigeria, Nigerian Exchange Limited, and the National Pension Commission for their support in achieving this milestone,” he said.
The capital raise forms part of FCMB’s strategy to strengthen capital adequacy and support expansion across its banking and financial services operations, while positioning the group to expand its regional footprint and pursue new growth opportunities.
