FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and retained its international banking licence after obtaining all required regulatory approvals.
The recapitalisation exercise forms part of efforts by banks to meet new capital requirements set for international banking operations in Nigeria.
FCMB undertook a series of capital-raising transactions to strengthen its financial position and comply with regulatory thresholds.
The Group raised more than N400 billion through multiple transactions, including public equity offerings, a convertible instrument and a minority divestment in one of its subsidiaries.
In July 2024, FCMB raised N144.6 billion through a public offer that was oversubscribed by 33 percent and attracted about 42,800 investors. About 92 percent of subscriptions were completed through digital channels.
The Group also raised N22.7 billion through a mandatory convertible note and realised N11 billion from a minority divestment in FCMB Pensions Limited.
A second public offer launched in October 2025 generated N231.8 billion and was oversubscribed by 50.5 percent, with participation from more than 25,800 investors.
Following these transactions and regulatory approvals, First City Monument Bank Limited met the N500 billion minimum capital requirement for an international banking licence.
Group Chief Executive, Ladi Balogun, said:
“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.”
He also expressed appreciation to shareholders, investors and regulators, including the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange Limited and National Pension Commission.
The capital raise strengthens FCMB’s capital base and supports its expansion across banking and financial services operations, according to the company.
