FCMB Group Plc on October 2, 2025 launched a N160 billion public share offer aimed at strengthening its banking subsidiary, First City Monument Bank Limited in response to the new capital requirements mandated by the Central Bank of Nigeria (CBN).
Each share priced at N10 showed a discount of 10.31 per cent from the trading price of N11.15 as of August 12, 2025.
Proceeds from the proposal are intended to enhance stakeholder value and will be allocated as follows: N133.87 billion (85.49 percent) for business growth and expansion, N17.4 billion (11.12 percent) for investment in IT and cyber security infrastructure, and N5.3 billion (3.39 percent) for human capital development.
This comprehensive strategy is designed to raise the total capital of FCMB above the N500 billion mark, thereby ensuring compliance with the CBN’s March 2026 recapitalization deadline. In a circular dated March 28, 2024, the CBN revised the minimum capital requirements for all banks in Nigeria as part of its strategy to strengthen banks against macroeconomic challenges.
Also read: FCMB Group opens N160bn public offering to retain international license
FCMB Limited reported total assets of N6.9 trillion as of December 31, 2024, with a significant growth of 60 per cent in assets and 40 per cent growth in deposits year-on-year.
For the financial year ending December 2024, FCMB Group recorded substantial growth with a gross income of N794.4 billion – a 54 per cent increase from N516.4 billion last year.
Net interest income grew by 28 per cent and the banking group's deposits saw a growth of 39 per cent. The group's customer base also grew by 13 per cent, indicating strong confidence among depositors.
With the successful completion of the capital raising, FCMB Group is poised for increased earnings and growth, which is expected to have a positive impact on its balance sheet in the coming years.
