FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, securing an international banking licence after meeting regulatory requirements.
The financial services group raised more than ₦400 billion through a series of capital-raising transactions, including public equity offerings, a convertible instrument, and a minority divestment in one of its subsidiaries.
In July 2024, FCMB raised ₦144.6 billion through a public offer that was oversubscribed by 33 percent and attracted about 42,800 investors.
Notably, around 92 percent of the subscriptions were completed via digital platforms, including the bank’s mobile banking application.
The group also raised ₦22.7 billion through a mandatory convertible note while generating ₦11 billion from a minority divestment in FCMB Pensions Limited.
A second public offer launched in October 2025 brought in an additional ₦231.8 billion. The offer was oversubscribed by 50.5 percent and attracted more than 25,800 investors, with the funds raised largely from within Nigeria’s domestic capital market.
Following the successful completion of these transactions and the necessary regulatory approvals, First City Monument Bank Limited has now met the ₦500 billion minimum capital requirement for an international banking licence.
Group Chief Executive Officer Ladi Balogun said the recapitalisation significantly strengthens the bank’s financial position and prepares it for the 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 also expressed appreciation to key regulatory institutions, including the Central Bank of Nigeria, Securities and Exchange Commission Nigeria, Nigerian Exchange Limited, and the National Pension Commission, for their support during the process.
The capital raise forms part of FCMB Group’s broader strategy to strengthen capital adequacy while positioning the institution for expansion across its banking and financial services operations in Nigeria and other markets.