FCMB Completes N500bn Recapitalization Ahead of Deadline

FCMB Group Plc announced the successful completion of its N500 billion capital raising initiative, fulfilling the Central Bank of Nigeria's (CBN) recapitalization requirements ahead of the March 31, 2026 deadline. This announcement was made on March 8, 2026, by Group Chief Executive Ladi Balogun.

The capital raising program included a public offer that raised approximately N231.8 billion and an additional N11 billion from minor divestments. The group confirmed that it received the necessary approvals from regulatory bodies, including the CBN, Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).

FCMB Group had initially announced plans to raise N340 billion in 2024, which was later increased to N370 billion for 2025 to further support its bank subsidiaries. The group reassured shareholders that the capital base expansion would not dilute shareholding value, projecting earnings per share to rise from N1.85 in 2024 to N4.60 in 2026.

This recapitalization effort is part of a broader drive within the banking sector to strengthen capital bases across financial institutions.