FCMB Group Plc has completed the capital raise programme for its banking subsidiary, First City Monument Bank Limited, as Nigerian banks rush to meet new regulatory capital thresholds set by the Central Bank of Nigeria.
The recapitalisation exercise follows the banking sector reform announced by the apex bank in March 2024, which requires banks to meet higher minimum capital requirements by March 31, 2026.
In a statement dated March 8, the group’s chief executive, Ladi Balogun, confirmed that the capital raising programme had received regulatory approval.
According to the company, approvals were obtained from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission for two key transactions — a public offer and a minority divestment.
FCMB Group said its 2025 public offer raised about ₦231.8 billion in gross proceeds, while the minority divestment of roughly 10% of the issued share capital of FCMB Pensions Limited generated an additional ₦11 billion.
The lender said the combined proceeds from the transactions provide enough capital for the bank to meet the ₦500 billion minimum capital requirement for an international banking licence introduced by the regulator.
According to the group, this position is based on verified eligible capital — paid-up share capital and share premium — of ₦266.5 billion as of December 31, 2025.
The company also expressed appreciation to regulators, investors and other stakeholders for supporting the recapitalisation process.
Earlier, Olayemi Cardoso, governor of the Central Bank of Nigeria, said 20 banks had already met the new capital requirements as of February 24.
Cardoso added that total verified and approved capital raised across the banking sector had reached ₦4 trillion as of February 19.
More recently, the apex bank disclosed that 30 banks have now met the minimum capital requirements, signalling strong compliance across the industry ahead of the deadline.
