FCMB Group Plc has successfully concluded a N500 billion capital-raising initiative, reinforcing the financial position of its banking subsidiary, First City Monument Bank Limited (FCMB), ahead of the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline.
The development was confirmed in a statement dated March 8, 2026, and signed by the Group Chief Executive, Ladi Balogun, underscoring the bank’s commitment to complying with the CBN’s strengthened capital requirements. With this milestone, FCMB joins a growing list of Nigerian banks that have successfully completed their capital-raising programmes to meet regulatory thresholds.
Regulatory Approvals Secured
The group highlighted that the fundraising exercise received approvals from key regulatory authorities, including the CBN, the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).
“FCMB Group Plc announces the successful completion of the capital raise programme undertaken for its banking subsidiary, First City Monument Bank Limited,” the statement read.
The announcement revealed that the 2025 public offer alone generated approximately N231.8 billion in gross proceeds. In addition, the group raised N11.0 billion through the divestment of around 10% of FCMB Pensions Limited, its pension management subsidiary. The approvals from regulators, the company noted, mark the official conclusion of the fundraising effort designed to strengthen the bank’s capital base.
Background on the Capital Raise
FCMB Group first signalled plans to raise N340 billion in 2024 as part of efforts to recapitalise its banking subsidiary. The target was subsequently revised to N370 billion in 2025 and later increased further to N400 billion in November 2025, following a CBN circular requiring banks to bolster their capital positions.
The group clarified that the expanded ceiling did not trigger a new fundraising round but was intended to align with regulatory mandates. FCMB also reassured shareholders that the enlarged capital base would not dilute their equity value.
According to the company, earnings per share (EPS) are expected to increase from N1.85 in 2024 to N4.60 by 2026, reflecting anticipated strong returns on equity despite the increased capital base. The combined proceeds from the public offer and minority divestment are deemed sufficient to meet all regulatory requirements for its banking operations.
Industry Context
The CBN has reported that 30 banks have already met the new minimum capital thresholds as part of its ongoing sector-wide recapitalisation initiative. The apex bank noted that the programme, launched in 2024, has seen financial institutions raise additional capital through rights issues, IPOs, and private placements to strengthen their balance sheets.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, thirty-three banks have raised additional capital as part of the programme,” the CBN stated.
Strong Financial Performance Supports Capital Raise
FCMB Group’s fundraising success is underpinned by robust financial results in 2025. The group posted a pre-tax profit of N200.91 billion for the year ended December 31, 2025—an 80% increase from N111.9 billion in 2024. Gross earnings rose 41.8% to N1.13 trillion, driven by growth in interest and trading income. Profit after tax surged 141.7% to N176.91 billion from N73.34 billion the previous year.
The strengthened capital position, coupled with strong financial performance, positions FCMB to explore new growth opportunities as Nigeria’s banking sector continues to adapt to the CBN’s recapitalisation requirements.