FCMB Group Plc says it has completed its public offer, positioning the financial holding company to meet the N500 billion capital requirement set by the Central Bank of Nigeria (CBN).
This is contained in a notice to the Nigerian Exchange (NGX) on Friday.
The announcement comes at a time when commercial banks are racing to meet the CBN’s March 2026 deadline.
Besides the successful conclusion of the public offer, FCMB confirmed that it is also on track to finalise the sale of a minority stake in one of its subsidiaries before the end of December.
“We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December. Subject to CBN capital verification (currently ongoing), shareholder approval at the EGM, and the required regulatory consents, we are positioned to deliver the N500bn capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited,” the Group stated.
The update comes after FCMB returned to the capital market in October with a N160 billion public offer, comprising 16 billion ordinary shares priced at N10 each. The offer, part of the bank’s broader recapitalisation programme, closed on November 6, 2025.
According to FCMB, the successful conclusion of the offer reinforces its ability to maintain “strong financial and operational performance, driven by expanding margins, increased customer activity, and scalable digital growth.”
The Group added: “With our recapitalisation programme on track and risk fundamentals remaining solid, we expect to maintain healthy profitability and a strong capital position going into 2026.”
The latest capital raise represents the second phase of FCMB’s recapitalisation strategy.
It follows the successful execution of a N147.5 billion share sale in 2024, which marked the first phase of the multi-stage programme.
The 2024 offer was oversubscribed by 33%, attracting 42,800 investors, 92% of whom subscribed through digital channels — a milestone FCMB says reflects strong market confidence and the deepening adoption of digital investment platforms.
FCMB’s capital-raising efforts over the past 18 months have included:
With capital verification by the CBN underway and further regulatory approvals expected, the Group says it remains confident in meeting its recapitalisation obligation well ahead of schedule.
The company recently raised its capital ceiling from N340 billion to N370 billion, and then to N400 billion.