FCMB Completes ₦500bn Recapitalization to Retain License

FCMB Group Plc has completed the recapitalization process required by the Central Bank of Nigeria (CBN), meeting the ₦500 billion minimum capital requirement necessary for maintaining its international banking license. The group raised ₦400 billion through a series of transactions, which included a public equity offer and the issuance of convertible instruments.

Notably, the public offer in July 2024 was oversubscribed by 33%, attracting 42,800 investors and generating ₦144.6 billion. The group also raised ₦22.7 billion through mandatory convertible notes and realized ₦11 billion from minor divestments.

A second public offer is planned for October 2025, aiming to raise ₦231.8 billion, with an expected oversubscription of 50.5%, attracting 25,800 investors. Ladi Balogun, the Group Chief Executive, stated that this recapitalization will strengthen the institution's capital base and position the bank for future growth and expansion in the region.