LAGOS, Nigeria — FCMB Group Plc has successfully concluded its capital raising programme for its banking subsidiary, First City Monument Bank Limited (FCMB), following strong investor participation and regulatory approvals, the company announced on March 8, 2026.
The financial services group confirmed that the initiative secured approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom), covering the 2025 public offer and a minority divestment in FCMB Pensions Limited.
Brandspur Banking News Desk reports that the public offer alone generated approximately ₦231.8 billion in gross proceeds, reflecting robust investor confidence in the institution. In addition, the divestment of roughly 10 percent of FCMB Pensions Limited added ₦11.0 billion, boosting the Group’s capital base further.
Combined, these transactions provide First City Monument Bank Limited with sufficient capital to meet the revised ₦500 billion minimum requirement for banks operating with an international banking licence, a key mandate under the Central Bank of Nigeria’s ongoing banking sector recapitalisation programme. As of December 31, 2025, the Group’s verified eligible capital, including paid-up share capital and share premium, stood at ₦266.5 billion.
The capital raise is part of a broader Nigerian banking sector effort to strengthen financial institutions’ balance sheets, enabling them to support economic growth and expand lending capacity. Analysts say the move positions FCMB Group for sustained growth and increased competitiveness in the domestic and international markets.
Group Chief Executive Ladi Balogun expressed gratitude to regulators, investors, and stakeholders for their support, describing the completion of the programme as a milestone in FCMB’s financial strengthening journey. The Group has also encouraged investors and stakeholders to access further updates through its investor relations portal on the corporate website.
With this capital boost, FCMB Group joins other Nigerian banks in meeting revised regulatory thresholds, a step analysts say could drive deeper market participation and bolster confidence in the nation’s financial sector.
