Key Highlights

• FCMB Group Plc has completed a recapitalisation programme, raising more than N400 billion.
• The bank has secured its international banking licence after meeting the N500 billion minimum capital requirement.
• The recapitalisation involved public equity offerings, a convertible instrument, and a minority divestment.
• A public offer in July 2024 raised N144.6 billion, oversubscribed by 33%.
• A second public offer in October 2025 raised N231.8 billion, oversubscribed by 50.5%.

FCMB Group Plc has successfully completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has secured its international banking licence following the attainment of all requisite regulatory approvals. The group managed to raise over N400 billion through a strategic series of transactions designed to bolster its capital base.

These transactions included public equity offerings, the issuance of a convertible instrument, and a minority divestment in one of its subsidiaries. In July 2024, FCMB raised N144.6 billion through a public offer. This initial offer was met with significant investor interest, being oversubscribed by 33% and attracting approximately 42,800 investors. Notably, about 92% of these subscriptions were processed through digital channels, including the FCMB mobile banking application, highlighting the bank's technological adoption.

Further capital was raised through a mandatory convertible note, which brought in N22.7 billion, and an N11 billion realisation from a minority divestment in FCMB Pensions Limited. Building on this momentum, a second public offer launched in October 2025 successfully raised N231.8 billion. This subsequent offer also saw substantial investor participation, achieving an oversubscription of 50.5% and attracting more than 25,800 investors. A significant aspect of this capital raise was that it was realised almost entirely within Nigeria, underscoring the depth and capacity of the domestic capital markets.

Following the conclusion of these capital raising activities and the subsequent receipt of regulatory approvals, First City Monument Bank Limited has now fully satisfied the N500 billion minimum capital requirement stipulated for an international banking licence. This development is a crucial step in the bank's strategic roadmap.

Ladi Balogun, Group Chief Executive of FCMB Group Plc, expressed his optimism regarding the recapitalisation. He stated that the programme significantly strengthens the institution's capital base and strategically positions the group for its next phase of expansion and 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 technology capabilities, and continue to build our ecosystem," Balogun said.

Balogun also reaffirmed the bank's commitment to fostering inclusive and sustainable growth within its operational communities, extending from Nigeria across Africa and increasingly into the global arena. He extended his gratitude to shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission for their invaluable support in achieving this significant milestone. The capital raise is a key component of FCMB’s broader strategy to enhance capital adequacy and to effectively support its expansion initiatives across its diverse banking and financial services operations. The fortified capital base, coupled with improving earnings momentum, is expected to enable the group to broaden its regional footprint and capitalize on new growth opportunities within its various markets.