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, the CEO of FCMB Group Plc.
FCMB Group Plc has successfully completed its N500 billion capital raise aimed at bolstering its banking subsidiary, First City Monument Bank Limited. This significant financial maneuver was achieved through a public offer that raised approximately N231.8 billion and an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.
The successful capital raise comes as the Central Bank of Nigeria has set a deadline of March 31, 2026, for banks to meet the new minimum capital requirements. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, indicating the necessity for this recapitalisation.
In the context of the banking sector, FCMB’s recapitalisation aligns with the regulatory push for stronger financial institutions. As of March 6, 2026, thirty banks had already met the new minimum capital requirements, reflecting a broader trend within the industry.
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 operational capabilities.
Balogun expressed gratitude, stating, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.”
Historically, FCMB Group had initially announced plans to raise N340 billion in 2024, which evolved to N370 billion in 2025 and was finally set at N400 billion by November 2025. This progressive increase reflects the bank’s strategic adjustments in response to regulatory requirements.
The completion of this recapitalisation positions FCMB to enhance its competitive edge in the banking sector, particularly as it seeks to secure an international banking licence.
As the banking landscape continues to evolve, FCMB’s proactive measures may serve as a model for other financial institutions aiming to meet regulatory standards and foster growth.