FCMB Completes N500 Billion Recapitalisation
Ladi Balogun, CEO of FCMB Group Plc, stated, “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.” This announcement marks a significant milestone for the bank, which has successfully completed its N500 billion capital raise for its banking subsidiary.
The capital raise was achieved through a public offer that generated approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion raised through the minority divestment of FCMB Pensions Limited. This strategic move comes as part of FCMB’s efforts to comply with the Central Bank of Nigeria’s regulations.
Prior to this successful capital raise, FCMB Group had initially announced plans to raise N340 billion in 2024, which was later revised to N370 billion in 2025 and subsequently increased to N400 billion in November 2025. As of December 31, 2025, the bank’s verified eligible capital stood at N266.5 billion, highlighting the urgency of this recapitalisation.
FCMB Group has received the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, ensuring compliance with regulatory standards. The deadline set by the Central Bank for banks to meet the new minimum capital requirements is March 31, 2026.
As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, reflecting a robust response from the banking sector to regulatory changes. 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.
In a follow-up statement, Balogun expressed gratitude, saying, “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 positions FCMB Group favorably within the competitive banking landscape.