FCMB Achieves N288.96bn Capital Base, Awaits CBN Approval

FCMB Group Plc has reached a significant milestone with a capital base of N288.96 billion, pending verification from the Central Bank of Nigeria (CBN) to comply with new capital requirements. The bank's current capital position follows a rigorous two-phase fundraising exercise, although there remains a gap towards the N500 billion threshold required for an international banking license.

Ladi Balogun, the Group Chief Executive Officer, expressed confidence that recent market activities will help bridge this deficit. The first phase of the capital raising, a public offer, successfully generated N147.5 billion, while the second phase is expected to add N160 billion.

This capital boost is crucial for strengthening the bank's capital adequacy ratio and supporting growth initiatives, including investments in human capital and technology. The CBN's final verification is critical, with a deadline set for March 31, 2026, as the bank aims for a 50% growth in earnings per share over the next two years.