FCMB raises N242bn in public offer, divestment to meet CBN’s capital requirement

FCMB Group Plc says it has completed the capital raise programme undertaken for its banking subsidiary, First City Monument Bank (FCMB) Limited.

The development comes as banks race to meet the new minimum capital requirements for financial institutions announced by the CBN on March 2024.

CBN said the banks have till March 31, 2026, to meet the requirements.

In a statement dated March 8, signed by Ladi Balogun, group chief executive of FCMB Group, the group said it received approvals from the regulators for the transactions.

FCMB Group said the approvals, obtained from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom) were in respect of public offer and minority divestment.

“1. The 2025 Public Offer, which raised approximately N231.8 billion in gross proceeds,” the company said.

“The minority divestment of approximately 10% of the issued share capital of FCMB Pensions Limited, which raised an additional N11.0 billion.”

FCMB Group said the combined proceeds from the two transactions provided sufficient capital for the bank to meet the revised N500 billion minimum capital requirements for an international banking licence introduced by the CBN.

The company said the position is based on verified eligible capital paid-up share capital and share premium of N266.5 billion as of December 31, 2025.

FCMB Group thanked regulators, investors, and other stake- holders for their support in achieving the milestone.

On February 24, Olayemi Cardoso, governor of CBN said 20 banks have fully met the apex bank’s minimum capital requirements.

The CBN governor, said as of February 19, total verified and approved capital raise totalled N4 trillion.

A few days ago, the CBN said 30 banks have met the minimum capital requirements.