FCMB Group Plc has announced the successful completion of the capital raise programme undertaken for its banking subsidiary, First City Monument Bank Limited, following regulatory approvals and strong investor participation in its recent public offer.
In a statement released on March 8, 2026, the financial services group confirmed that it has obtained the required approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom) for key transactions executed as part of the programme.
The approvals cover the Group’s 2025 public offer and a minority divestment in its pensions subsidiary.
According to the statement, the public offer raised approximately ₦231.8 billion in gross proceeds due to strong investor interest in the financial institution.
In addition to the public offer, the Group completed a minority divestment of approximately 10 percent of the issued share capital of FCMB Pensions Limited. The transaction generated an additional ₦11.0 billion in capital for the Group.
Combined, the two transactions provide sufficient capital to enable First City Monument Bank Limited to meet the revised minimum capital requirement of ₦500 billion set for banks operating with an international banking licence.
The Group noted that the capital position is based on verified eligible capital comprising paid-up share capital and share premium of ₦266.5 billion as of December 31, 2025.
The recapitalisation initiative forms part of the broader effort by Nigerian banks to strengthen their capital bases following the Central Bank of Nigeria’s directive requiring lenders to meet higher minimum capital thresholds depending on their licence category.
FCMB Group stated that the successful completion of the capital raise represents an important milestone in strengthening the financial position of its banking subsidiary and positioning the institution for sustained growth.
Commenting on the achievement, Group Chief Executive Ladi Balogun expressed appreciation to regulators, investors and other stakeholders for their support throughout the capital raising process.
“FCMB Group expresses its sincere appreciation to the regulatory authorities, investors and other stakeholders for their continued support in achieving this important milestone,” the statement said.
The Group also noted that investors and stakeholders seeking additional information can access updates through its investor relations portal available on its corporate website.