FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, after raising more than ₦400 billion through a combination of equity offerings, convertible instruments, and strategic divestments. The transactions have enabled the bank to meet the ₦500 billion minimum capital requirement for an international banking licence, following all necessary regulatory approvals.
The capital raise included ₦144.6 billion from a public offer in July 2024, which was oversubscribed by 33 percent and attracted about 42,800 investors, with 92 percent of subscriptions completed digitally. Additional funding came from a ₦22.7 billion mandatory convertible note and ₦11 billion realised from a minority divestment in FCMB Pensions Limited. A second public offer launched in October 2025 raised ₦231.8 billion and was oversubscribed by 50.5 percent, attracting over 25,800 investors.
Group Chief Executive Ladi Balogun said the strengthened capital base positions the bank for expansion across regional markets, deeper technology investment, and broader financial ecosystem development. The recapitalisation also reflects growing depth in Nigeria’s domestic capital markets and supports FCMB’s strategy to expand its banking and financial services operations.
