FCMB Raises ₦500 Billion Capital, Secures International Licence
FCMB Group Plc has completed a ₦500 billion recapitalisation of its subsidiary First City Monument Bank Limited, retaining its international banking licence. The group raised over ₦400 billion through public equity offerings, a convertible instrument, and a minority divestment. Key transactions include a ₦144.6 billion public offer in July 2024 (33% oversubscribed) and a ₦231.8 billion offer in October 2025 (50.5% oversubscribed). About 92% of subscriptions were digital. CEO Ladi Balogun stated the recapitalisation strengthens capital base for regional expansion and technology upgrades. The move positions FCMB to deepen its African footprint and foster inclusive growth.