“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, the 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 milestone 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 recapitalisation is crucial as the Central Bank of Nigeria has set a minimum capital requirement of ₦500 billion for banks seeking an international banking licence. Prior to this capital raise, FCMB’s verified eligible capital stood at ₦266.5 billion as of December 31, 2025.

FCMB Group reported a pre-tax profit of ₦200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to ₦176.91 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 met the new minimum capital requirements, indicating a competitive banking landscape.

FCMB Group has received the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, which facilitated this capital raise.

In expressing gratitude, Ladi Balogun remarked, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.”

This recapitalisation effort follows FCMB Group’s earlier plans to raise ₦340 billion in 2024, which were subsequently adjusted to ₦370 billion in 2025 and ₦400 billion in November 2025.

The successful completion of this capital raise positions FCMB Group favorably within the banking sector, enhancing its capacity to serve its customers and meet regulatory standards.

Details remain unconfirmed regarding any potential future capital initiatives beyond this recapitalisation.

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