March 10, (THEWILL) — FCMB Group Plc has successfully attained the ₦500 billion capital raise for international licensing ahead of the Central Bank of Nigeria’s (CBN) March 31 recapitalisation deadline.
This was disclosed in a statement dated March 8, 2026, and signed by the Group Chief Executive, Ladi Balogun.
The group also confirmed that it has received the necessary approvals from key regulatory bodies, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).
With the development, FCMB joins the league of Nigerian banks that have concluded their capital raising programmes in compliance with the CBN’s new capital requirements.
“FCMB Group Plc announces the successful completion of the capital raise programme undertaken for its banking subsidiary, First City Monument Bank Limited”, the statement said.
The group disclosed that its 2025 Public Offer raised approximately ₦231.8 billion in gross proceeds.
It also raised an additional ₦11.0 billion through the minority divestment of about 10 percent of the issued share capital of FCMB Pensions Limited.
The company said the regulator approvals completed the fundraising needed to strengthen the capital base of its banking subsidiary.
THEWILL notes that FCMB Group initially announced plans to raise ₦340 billion in 2024 to support the recapitalisation of its banking subsidiary. The capital-raising target was later increased to ₦370 billion in 2025, then further expanded.
In November 2025, the group increased its capital-raising ceiling to ₦400 billion.
The adjustment followed a regulatory circular issued by the CBN requiring banks to strengthen their capital positions.
FCMB clarified at the time that the increase in the capital ceiling was not intended to initiate a new fundraising round but was meant to ensure compliance with regulatory requirements.
The group also reassured shareholders that the expanded capital base would not dilute shareholder value.
According to FCMB, earnings per share are projected to rise from ₦1.85 in 2024 to ₦4.60 by 2026, supported by strong returns on equity despite the enlarged capital base.
The group explained that the proceeds from the public offer and the minority divestment provide adequate capital for its banking subsidiary to meet regulatory requirements.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
