FCMB Group Plc raises ₦242 billion to strengthen First City Monument Bank and expand operations across Nigeria

FCMB Group Plc has successfully wrapped up a major capital raise programme for its banking arm, First City Monument Bank Limited, marking a key milestone in the group’s growth strategy.

The achievement comes after securing regulatory approvals and attracting strong investor participation in the company’s recent public offer.

In a statement on March 8, 2026, the Group confirmed it received the necessary endorsements from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Pension Commission (PenCom), clearing the way for the public offer and a minority divestment in its pensions subsidiary.

Public Offer Generates Strong Investor Interest

The 2025 public offer proved extremely popular, raising approximately ₦231.8 billion in gross proceeds.

Investors showed strong confidence in FCMB’s banking operations, contributing to a successful capital mobilisation effort.

This infusion strengthens the bank’s capital base, supporting ongoing operations and future expansion.

It also enables FCMB to meet the revised minimum capital requirement of ₦500 billion mandated by the CBN for banks holding an international banking license.

Minority Divestment Adds Additional Capital

Alongside the public offer, FCMB Group completed a minority divestment of about 10% in FCMB Pensions Limited, raising an additional ₦11.0 billion.

Together, the public offer and divestment provide ample capital to meet regulatory thresholds and fund strategic growth initiatives.

As of December 31, 2025, the bank’s verified eligible capital—including paid-up share capital and share premium—stood at ₦266.5 billion, reflecting a strong financial foundation.

Strengthening Capital in Response to Regulatory Directives

The recapitalisation programme is part of a wider push across Nigerian banks to enhance capital buffers.

The Central Bank of Nigeria has mandated higher minimum capital thresholds for banks, depending on their licensing category, prompting lenders to secure additional funding to maintain compliance and stability.

FCMB Group’s successful capital raise not only meets these requirements but also positions the bank for sustainable growth, improved market confidence, and competitive advantage in the domestic financial sector.

Leadership Reaction

Group CEO Ladi Balogun expressed gratitude to investors, regulators, and stakeholders for their support throughout the process.

He described the capital raise as a critical step in fortifying the bank’s financial position and enabling future expansion.

The Group also directed investors and stakeholders seeking more information to its investor relations portal on the corporate website.

Impact and Consequences

• Meeting CBN’s revised minimum capital requirement strengthens the bank’s regulatory compliance.

• The capital raise improves liquidity and financial resilience for First City Monument Bank Limited.

• Minority divestment in FCMB Pensions Limited unlocks additional funding for strategic initiatives.

• Boosts investor confidence in FCMB Group as a robust and growth-focused financial institution.

• Supports long-term expansion plans, including enhanced lending capacity and service offerings.

What’s Next?

• Deployment of the new capital to support operational growth and strategic initiatives.

• Strengthening shareholder value and market positioning for FCMB Group and its subsidiaries.

• Continued monitoring of regulatory compliance and adherence to CBN directives.

• Exploration of additional investment opportunities to further enhance capital efficiency.

• Investor engagement through updates on the corporate website and periodic reports.

Summary

FCMB Group Plc has successfully completed a capital raise and minority divestment, raising over ₦242.8 billion for its banking and pension subsidiaries.

The transactions strengthen First City Monument Bank Limited’s capital base, ensuring compliance with CBN’s minimum capital requirements for international banks.

Backed by strong investor participation and regulatory support, the recapitalisation positions the Group for sustained growth and enhanced market presence.

Bulleted Takeaways

• FCMB Group Plc raises ₦231.8 billion via 2025 public offer for First City Monument Bank.

• Minority divestment of 10% in FCMB Pensions Limited adds ₦11.0 billion in capital.

• Capital raise ensures bank meets revised ₦500 billion minimum capital requirement.

• Verified eligible capital stood at ₦266.5 billion as of December 31, 2025.

• Programme reinforces regulatory compliance and financial stability.

• CEO Ladi Balogun thanks investors, regulators, and stakeholders for their support.

• Capital positioning enables strategic growth, lending capacity, and market expansion.

• Investors can access updates through the Group’s investor relations portal.