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By Chukwuma Umeorah
The Chief Executive Officer of FCMB Group, Ladi Balogun, has credited the support of shareholders, investors, and regulators for the successful completion of the group’s N400 billion recapitalisation programme for First City Monument Bank (FCMB).
The capital raise, achieved through a combination of public equity offerings, a mandatory convertible instrument, and a minority divestment in FCMB Pensions Limited, significantly strengthened the bank’s capital base and positions it for expansion.
Speaking on the completion of the exercise, Balogun said the strong participation by investors demonstrated confidence in the bank’s long-term strategy. “The recapitalisation programme positions the bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities and continue to build our ecosystem,” he said.
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As part of the recapitalisation, FCMB raised N144.6 billion through a public offer in July 2024, which was oversubscribed by 33 per cent and attracted about 42,800 investors, with roughly 92 per cent of subscriptions processed via digital channels, including the FCMB mobile banking application. A second public offer in October 2025 raised N231.8 billion, oversubscribed by 50.5 per cent and drawing participation from more than 25,800 investors, largely within Nigeria.
Additionally, the bank raised N22.7 billion through a mandatory convertible note and realised N11 billion from the minority divestment in FCMB Pensions Limited.
Balogun highlighted that the strengthened capital position will enable the bank to expand regionally, enhance technology capabilities, and continue building its financial services ecosystem. He also reiterated the group’s commitment to fostering inclusive and sustainable growth in communities across Nigeria and other parts of Africa.
The CEO further expressed appreciation to regulators, including the Central Bank of Nigeria, the Securities and Exchange Commission, Nigerian Exchange Limited, and the National Pension Commission, for their support in achieving the milestone, which forms part of FCMB Group’s broader strategy to strengthen capital adequacy and support expansion across its banking and financial services operations.
