FCMB Completes Recapitalisation, Secures International Banking Licence

FCMB Group Plc has successfully completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and obtained its international banking licence after receiving all required regulatory approvals.

The group raised over ?400 billion through multiple transactions, including public equity offerings, a mandatory convertible instrument, and a minority divestment in one of its subsidiaries.

In July 2024, FCMB raised ?144.6 billion via a public offer, which was oversubscribed by 33% and attracted approximately 42,800 investors, with 92% of subscriptions completed through digital channels, including the FCMB mobile banking app.

The group also raised ?22.7 billion through a mandatory convertible note and realised ?11 billion from a minority divestment in FCMB Pensions Limited. A second public offer in October 2025 generated ?231.8 billion, oversubscribed by 50.5% and supported by more than 25,800 investors, mostly from within Nigeria, highlighting the depth of the domestic capital markets.

Following these transactions and regulatory approvals, First City Monument Bank Limited now meets the ?500 billion minimum capital requirement for an international banking licence.

Ladi Balogun said the recapitalisation strengthens the bank’s capital base and positions the group for its next phase of growth.

"The recapitalisation programme positions the Bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem," Balogun said.

He added, “We remain committed to fostering inclusive, sustainable growth in the communities we serve, from Nigeria to the rest of Africa and increasingly, to the wider global community. We thank our shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission for their support in achieving this milestone.”

The capital raise forms part of FCMB’s strategy to improve capital adequacy and support expansion across its banking and financial services operations, positioning the group to grow its regional footprint and explore new opportunities across its markets.