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 milestone was achieved through a public offer that raised approximately N231.8 billion in gross proceeds and an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.
The completion of this recapitalisation comes as part of FCMB’s efforts to meet the new minimum capital requirement set by the Central Bank of Nigeria, which is essential for obtaining an international banking licence. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, indicating a substantial gap that needed to be addressed.
In a broader context, FCMB Group had initially announced plans to raise N340 billion in 2024, which were subsequently increased to N370 billion in 2025 and then to N400 billion in November 2025. This evolution in capital raising reflects the bank’s commitment to strengthening its financial position.
As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, showcasing a competitive banking environment in Nigeria. 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.
FCMB Group expressed its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone. The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026, and FCMB’s successful completion positions it well within this timeline.
This recapitalisation not only enhances FCMB’s financial stability but also aligns with regulatory expectations, paving the way for future growth and expansion in the banking sector.