FCMB Completes N500 Billion Recapitalisation
“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, CEO of FCMB Group Plc.
FCMB Group Plc has successfully completed its N500 billion capital raise for its banking subsidiary, First City Monument Bank Limited. This significant capital increase was achieved through a public offer that raised approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.
The completion of this recapitalisation comes as part of FCMB’s strategic efforts to meet the revised minimum capital requirement set by the Central Bank of Nigeria. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, necessitating this substantial capital raise.
FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year. This financial performance underscores the bank’s robust growth trajectory.
The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026. As of March 6, 2026, thirty banks have already met the new minimum capital requirements, highlighting a competitive banking landscape.
FCMB Group has expressed its appreciation to regulatory authorities and stakeholders for their support in achieving this important milestone. The approvals received from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission were crucial in facilitating this capital raise.
Historically, FCMB Group initially announced plans to raise N340 billion in 2024, which was later increased to N370 billion in 2025 and then to N400 billion in November 2025, reflecting the bank’s adaptive strategy to meet regulatory demands.
As the banking sector continues to evolve, FCMB’s successful recapitalisation positions it well for future growth and compliance with international banking standards.