The FCMB Group has significantly bolstered the capital position of its banking subsidiary, First City Monument Bank Limited (FCMB), following a recapitalisation programme that has raised over N400 billion, the group’s Chief Executive Officer, Ladi Balogun, announced. The strengthened capital base positions the bank for its next phase of expansion across Nigeria and the wider African market.
According to reports from BrandIconImage, the capital was raised through a combination of transactions, including public equity offerings, a mandatory convertible instrument, and a minority divestment in one of its subsidiaries.
The recapitalisation began with a public offer in July 2024 that raised N144.6 billion. The offer was oversubscribed by 33%, attracting approximately 42,800 investors, with about 92% of subscriptions completed digitally through platforms such as the FCMB mobile banking application.
In addition, FCMB 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 in October 2025 further strengthened the bank’s capital, raising N231.8 billion and oversubscribed by 50.5%, with over 25,800 investors participating. Notably, the capital was raised almost entirely within Nigeria, reflecting the growing depth and resilience of the domestic capital market.
Speaking on the milestone, Balogun highlighted that the recapitalisation would enable FCMB to expand its regional presence, deepen its technological capabilities, and continue building its financial services ecosystem.
“The recapitalisation programme positions the bank for the next phase of growth,” Balogun said. “With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, enhance technology capabilities, and continue to build our ecosystem. We remain committed to fostering inclusive, sustainable growth in the communities we serve—from Nigeria to Africa and increasingly to the wider global community.”
Balogun also expressed gratitude to shareholders, investors, and regulatory authorities, including the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission, for their support in achieving the recapitalisation milestone.
The successful capital raise is part of FCMB Group’s broader strategy to strengthen capital adequacy and support expansion across its banking and financial services operations. With an improved capital base and growing earnings momentum, the group is positioning itself to deepen its regional footprint and pursue new growth opportunities across its markets.