FCMB Group Plc has successfully concluded the recapitalization of its flagship subsidiary, First City Monument Bank Limited, hitting the N500 billion mark required to maintain its prestigious international banking license. The achievement comes after a series of strategic financial moves and final regulatory approvals, ensuring the bank remains a dominant player on the global stage.
The journey to this milestone involved raising over N400 billion through a diverse mix of public equity offerings, convertible instruments, and a calculated minority divestment. A significant portion of this success was driven by a public offer in July 2024, which generated N144.6 billion. That particular outing saw a 33% oversubscription, attracting nearly 43,000 investors. Interestingly, the bank’s digital infrastructure played a massive role, with 92% of those subscriptions coming through its mobile application and other digital platforms.
Building on that momentum, FCMB secured N22.7 billion via a mandatory convertible note and realized another N11 billion by divesting a minority stake in FCMB Pensions Limited. A second public offer, launched in October 2025, proved even more successful, raising N231.8 billion with a 50.5% oversubscription rate. According to reports monitored by Zoyols, the vast majority of this capital was raised right here in Nigeria, highlighting the impressive depth and resilience of our local capital markets.
Ladi Balogun, the Group Chief Executive, noted that this successful capital drive does more than just satisfy regulatory requirements; it essentially clears the path for the bank’s next major expansion. He explained that with a fortified capital base and the international license secured, the institution is now ready to deepen its technological capabilities and broaden its regional footprint.
The bank’s leadership expressed deep gratitude to its shareholders, the Central Bank of Nigeria, and the Securities and Exchange Commission for their roles in reaching this goal. Balogun emphasized that the focus remains on fostering inclusive and sustainable growth, not just within Nigeria, but across Africa and the global markets. With its new financial standing and growing earnings momentum, the group is now well-positioned to pursue fresh opportunities and strengthen its ecosystem in the years ahead.
