LFCMB Group Plc has escalated its capital raise ceiling from N340 billion to N370 billion, and now to N400 billion, raising concerns among investors and shareholder groups over potential dilution of value and confidence in the bank’s strategic direction.
The latest proposal, detailed in a filing with the Nigerian Exchange (NGX), would give FCMB’s board wide authority to raise capital through multiple instruments—ordinary and preference shares, convertible and non-convertible notes, bonds, and loans—across both domestic and international markets. The board would also determine pricing, interest rates, and maturity terms for any future capital programmes.
While FCMB cites strong investor demand and the need to meet the Central Bank of Nigeria’s recapitalisation deadline as drivers for the increase, critics argue that the bank’s shifting targets risk burdening existing shareholders and creating uncertainty around long-term returns.
The debate highlights broader concerns over capital management strategies in Nigeria’s banking sector, where balancing regulatory compliance, growth ambitions, and shareholder interests remains a delicate task.




