First City Monument Bank (FCMB) Group Plc has announced details of its planned ₦160 billion public offer at the Nigerian Exchange Group (NGX) as part of its ongoing efforts to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of ₦500 billion for international commercial banks.
The move is a major step in the bank’s recapitalisation strategy, designed to strengthen its financial position, enhance resilience, and sustain long-term growth amid Nigeria’s evolving banking reforms.
Speaking during the announcement, Group Chief Executive Officer, Ladi Balogun, said the public offer reflects the Group’s commitment to maintaining a strong capital base and improving shareholder returns.
“This public offer is a critical step in reinforcing FCMB’s capital adequacy and positioning the Group to continue delivering sustainable value to our customers, shareholders, and stakeholders,” Balogun stated.
He noted that FCMB has raised approximately $863 million through the Nigerian capital market over the years, largely supported by domestic investors, which underscores confidence in the bank’s performance and growth prospects.
The planned ₦160 billion offer will provide the institution with additional funding to support expansion, digital transformation, and customer-focused initiatives, while ensuring full compliance with the CBN’s recapitalisation directive announced earlier in 2024.
Balogun added that the Group’s strong corporate governance, diversified business model, and consistent earnings performance give it a solid foundation for the next phase of growth.
With this development, FCMB joins other major financial institutions in the Nigerian banking sector embarking on large-scale capital raising exercises to meet the CBN’s recapitalisation threshold before the 2026 deadline — a policy aimed at strengthening the resilience and global competitiveness of Nigerian banks.
