FCMB completes N500 billion capital raise for its banking subsidiary, meeting CBN recapitalisation requirements and reinforcing financial strength

FCMB Group Plc has successfully concluded a N500 billion capital-raising exercise, strengthening the financial position of its banking subsidiary, First City Monument Bank Limited (FCMB), ahead of the Central Bank of Nigeria’s March 31 recapitalisation deadline.

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The announcement, confirmed in a statement dated March 8, 2026, was signed by Group Chief Executive Ladi Balogun.

It highlighted the bank’s commitment to meeting the CBN’s strengthened capital requirements and positioned FCMB among Nigerian banks that have completed similar initiatives to comply with regulatory thresholds.

The fundraising received approvals from key regulators, including the CBN, Securities and Exchange Commission, and the National Pension Commission.

The 2025 public offer alone generated N231.8 billion in gross proceeds, while an additional N11 billion was raised through the divestment of about 10% of FCMB Pensions Limited, the group’s pension management subsidiary.

FCMB first announced plans to raise N340 billion in 2024, with targets revised to N370 billion in 2025 and further to N400 billion later that year, following a CBN directive requiring banks to strengthen their capital bases.

The group clarified that the increased ceiling did not trigger a new fundraising round and reassured shareholders that equity value would not be diluted.

The capital raise is expected to enhance earnings per share from N1.85 in 2024 to N4.60 by 2026, reflecting projected strong returns on equity.

The combined proceeds are sufficient to meet all regulatory requirements for FCMB’s banking operations.

The CBN has reported that 30 banks have already met the new minimum capital thresholds under the sector-wide recapitalisation programme launched in 2024, with 33 banks having raised additional capital through rights issues, IPOs, and private placements.

FCMB’s success is supported by robust financial performance.

The group recorded a pre-tax profit of N200.91 billion for 2025, up 80% from N111.9 billion in 2024.

Gross earnings grew 41.8% to N1.13 trillion, driven by interest and trading income, while profit after tax surged 141.7% to N176.91 billion from N73.34 billion.

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The strengthened capital position, coupled with strong financial results, positions FCMB to explore new growth opportunities as Nigeria’s banking sector adapts to CBN recapitalisation mandates.