FCMB Group Plc has announced the completion of a major capital raise programme that generated a total of N242.8bn, enabling its banking subsidiary, First City Monument Bank Limited, to meet the Central Bank of Nigeria’s revised minimum capital requirement for an international banking licence.
The financial services holding company disclosed that the funds were raised through a N231.8bn public offer and an additional N11bn from the minority divestment of approximately 10 per cent of the issued share capital of FCMB Pensions Limited.
According to the Group, the capital raising exercise received the necessary regulatory approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom), marking a significant milestone in the bank’s strategic growth agenda.
With the completion of the exercise, FCMB said its banking subsidiary now has verified eligible capital—comprising paid-up share capital and share premium of approximately N266.5bn as at December 31, 2025. Combined with existing capital levels, this position enables the bank to comply with the CBN’s revised minimum capital requirement of N500bn for banks operating with international licences.
The capital requirement is part of the apex bank’s broader banking sector recapitalisation programme designed to strengthen the financial system, enhance banks’ capacity to support economic growth, and improve their resilience to economic shocks.
FCMB Group said the successful completion of the capital raise demonstrates strong investor confidence in the bank’s long-term strategy and its ability to deliver sustainable value.
The N231.8bn public offer, which formed the bulk of the capital raised, attracted significant participation from retail and institutional investors, reflecting market support for the Group’s expansion plans and its position in Nigeria’s financial services industry.
In addition, the divestment of a minority stake in FCMB Pensions Limited generated N11bn, further strengthening the Group’s capital base while allowing it to retain a majority stake in the pension business.
The Group noted that the combined proceeds from the public offer and the pension subsidiary divestment provide sufficient capital to support the bank’s regulatory requirements and position it for future growth.
FCMB Group also expressed appreciation to the regulatory authorities for their guidance and approvals throughout the capital raising process.
“We express our sincere appreciation to the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission for their support and approvals that made this exercise possible,” the Group said in a statement.
The company also thanked its shareholders, investors and other stakeholders for their confidence and continued support in achieving the milestone.
Analysts say the capital raise strengthens FCMB’s balance sheet and enhances its capacity to expand lending to key sectors of the economy, while also positioning the bank to take advantage of emerging opportunities within Nigeria’s financial services landscape.
