FCMB Completes Public Offer, Strengthens Push for ₦500bn Recapitalisation
FCMB Group PLC has successfully concluded its public offer, marking another major milestone in its journey toward meeting the Central Bank of Nigeria’s (CBN) ₦500 billion recapitalisation requirement for banks with international licences.
The exercise forms part of the group’s multi-stage capital-raising plan, designed to strengthen its balance sheet and position it for long-term growth under the new regulatory framework.
The recently completed offer builds on the momentum generated by FCMB’s 2024 capital raise, which saw the bank secure ₦147.5 billion in new equity.
According to earlier disclosures, that offer was oversubscribed by 33% and attracted more than 42,000 investors, with the majority subscribing through digital channels — a sign of growing confidence in the group’s strategy.
In its latest update, FCMB explained that proceeds from the public offer will be down streamed to First City Monument Bank Limited, its banking subsidiary, to enhance its paid-up capital and share premium.
Management expressed satisfaction with the outcome, noting that it demonstrates shareholders’ trust in FCMB’s long-term direction. Ladi Balogun, the Group Chief Executive Officer of FCMB Group PLC said “the public offer reflects strong investor confidence in the companies strategy and growth potential,”
Beyond the capital raise, FCMB also plans divestments in non-core subsidiaries as part of its comprehensive recapitalisation roadmap.
With these combined efforts, the group is now significantly closer to fulfilling the CBN’s capital mandate — a development expected to boost its capacity to support businesses, deepen financial inclusion, and maintain its international banking licence.
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