FCMB Group Plc has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and retained its international banking licence after securing all required regulatory approvals.
The recapitalisation forms part of regulatory requirements set by the Central Bank of Nigeria for banks operating with international authorisation. The requirement sets a minimum capital base of ₦500 billion for such institutions.
FCMB Group undertook a series of capital-raising transactions over time to meet the threshold. The process involved public equity offers, a convertible instrument and divestment from a subsidiary.
The group raised over ₦400 billion through multiple transactions to support the recapitalisation programme.
Breakdown of the capital raised includes:
- ₦144.6 billion from a public offer in July 2024, which was oversubscribed by 33 percent and attracted about 42,800 investors.
- ₦22.7 billion through a mandatory convertible note.
- ₦11 billion from a minority divestment in FCMB Pensions Limited.
- ₦231.8 billion from a second public offer launched in October 2025, oversubscribed by 50.5 percent with over 25,800 investors.
Following the completion of these transactions and receipt of approvals from regulators including the Central Bank of Nigeria, the bank met the ₦500 billion minimum capital requirement for an international banking licence.
The Group Chief Executive, Ladi Balogun, said the recapitalisation strengthens the institution’s capital base and positions it for expansion.
He stated that the programme “positions the Bank for the next phase of growth” and enables plans to expand regional presence and deepen technology capabilities.
The successful recapitalisation enables First City Monument Bank Limited to continue operating with an international banking licence.
It also strengthens the group’s capital base for expansion across its financial services operations.
