FCMB Achieves CBN Recapitalisation Threshold Before Deadline
FCMB Group Plc has announced the successful completion of its capital raising programme, enabling its banking subsidiary, First City Monument Bank, to meet the recapitalisation requirements set by the Central Bank of Nigeria (CBN) ahead of the regulatory deadline.
The financial services group disclosed that it concluded a ₦500 billion capital raise, positioning the bank comfortably above the minimum threshold required for banks operating with international licences under the CBN’s ongoing banking sector recapitalisation exercise. The programme was introduced as part of broader efforts by the apex bank to strengthen the resilience, stability, and lending capacity of Nigeria’s banking sector.
In a statement issued by the group’s management, the bank confirmed that the capital mobilisation was achieved through multiple funding sources, including a public offer and strategic divestment of minority stakes in one of its subsidiaries. The 2025 public offer alone generated approximately ₦231.8 billion in gross proceeds, while an additional ₦11 billion was raised from the sale of about 10 percent equity in FCMB Pensions Limited.
According to the group, all necessary regulatory approvals have been secured from relevant authorities, including the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, bringing the recapitalisation process to a successful close.
Nigeria’s banking recapitalisation programme, introduced in 2024, requires banks with international licences to maintain a minimum paid-up capital of ₦500 billion, while those operating with national licences must hold at least ₦200 billion. The policy is designed to ensure that banks remain well-capitalized to support economic growth, absorb financial shocks, and compete more effectively in regional and global markets.
With the March 31, 2026 deadline approaching, banks across the country have been racing to shore up their balance sheets through rights issues, public offers, private placements, and strategic restructuring. Industry data shows that trillions of naira have already been raised by Nigerian lenders under the programme as institutions seek to comply with the stricter capital requirements.
For FCMB Group, the completion of the recapitalisation exercise marks a significant milestone in its growth strategy. The additional capital is expected to strengthen the group’s capital adequacy ratio, enhance its capacity to fund large-scale transactions, and support expansion across key business segments, including retail banking, corporate banking, and digital financial services.
The group also noted that the strengthened capital base will enable it to invest further in technology, expand financial inclusion initiatives, and deepen its support for businesses and households across Nigeria. Management expressed appreciation to shareholders, regulators, and investors whose participation made the capital raising programme successful.
Market analysts say the development reinforces FCMB’s position among Nigerian banks that have successfully navigated the ongoing recapitalisation process, while also improving investor confidence in the institution’s long-term growth prospects.
As the industry approaches the regulatory deadline, the completion of FCMB’s recapitalisation highlights the broader transformation underway within Nigeria’s banking sector, where stronger capital buffers are expected to drive greater financial stability and support economic expansion in the years ahead.
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