FCMB Group Plc is set to raise up to N400 billion in fresh capital, following approval by its shareholders at a recent Extraordinary General Meeting (EGM) in Lagos. The move is designed to align the Group with the Central Bank of Nigeria’s (CBN) minimum capital requirements for banks with an international license ahead of the March 2026 deadline.
The decision reflects both FCMB Group’s strong financial performance and shareholders’ confidence in the bank’s leadership and growth strategy. By raising additional capital, the Group aims to fortify its capital base, accelerate expansion, and maintain the international banking license of its subsidiary, First City Monument Bank Limited.
At the EGM, Group Chief Executive Officer, Ladi Balogun, highlighted the strategic importance of the capital injection, noting that it will strengthen the bank’s capital adequacy ratio and drive sustainable growth. “The additional capital will be deployed to support technology and human capital investments, expand our international footprint, and reduce high-cost deposits,” Balogun explained. “We project earnings per share (EPS) growth of over 50% on average over the next two years, positioning FCMB to outperform the market while delivering stronger dividends and shareholder returns.”
Balogun further emphasized that a projected capital adequacy ratio above 20% will enhance the Group’s capacity to pay dividends. “Shareholders can expect a steady increase in dividends per share, reflecting the bank’s robust growth and improved returns,” he added.
In addition to approving the capital raise, shareholders endorsed the management’s proposal to accept oversubscriptions from the 2025 Public Offer of FCMB shares, up to the limit permitted by the Securities and Exchange Commission (SEC) and subject to regulatory approvals. This move leverages strong investor demand and underscores market confidence in the Group’s prospects.
The shareholders also approved an increase in the Group’s issued share capital, currently at N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each. The new shares to be issued as part of the capital raise will rank pari passu with existing shares, ensuring equal rights for all shareholders.
With a diversified subsidiary portfolio, a forward-looking digital strategy, and a focus on impact-driven initiatives, FCMB Group is positioning itself to contribute significantly to Nigeria’s aspiration of becoming a $1 trillion economy.