The Nigerian Exchange (NGX) on Tuesday, September 23, 2025, announced the listing of 3.16 billion additional shares of FCMB Group Plc at 50 kobo each.
In a bulletin released by NGX Regulation, the exchange noted that the shares were added to the Daily Official List, increasing FCMB’s issued and fully paid-up shares from 39,605,421,562 units to 42,771,706,274 units.
Following the listing, FCMB’s market capitalization rose to N446.96 billion at a share price of N10.45, reflecting an increase of N33.09 billion compared to N413.88 billion before the conversion.
The new shares came from the conversion of a N23.11 billion mandatory convertible loan, including accrued interest, into equity at N7.30 per share.
This move will strengthen FCMB’s capital base, enhance liquidity and market depth, ease debt obligations, and keep it within the Central Bank’s capital adequacy requirements for deposit money banks.
In June 2025, FCMB announced plans to exit the Central Bank of Nigeria’s regulatory forbearance list as part of its recapitalization drive, which is expected to conclude by March 2026.
A key step in this process was the planned conversion of a N23.11 billion mandatory loan into equity, a measure designed to strengthen FCMB’s capital position and ensure compliance with the Central Bank’s single obligor lending limits.
Alongside the expected retained earnings, the move will ensure FCMB’s capital adequacy ratio remains above the 15% benchmark for international banks.
As part of the same programme, FCMB has also been cutting down its loans under the CBN’s forbearance window.
Taken together, these measures strengthen FCMB’s balance sheet, show steady progress toward its recapitalization target, and help build market sentiment by reassuring investors that the bank is firmly on the path to long-term stability and growth.
FCMB shares have been on the rise since September 23, following the loan conversion into equity and the listing of additional ordinary shares.
Share price climbed from N10.45 at the close of trade on September 23 to N10.90, gaining 1.87% in the week ended September 26, 2025.
FCMB opened the year at N9.40 and jumped 17.55% in January, its best month so far, when it peaked at N11.05. However, a downturn between February and April dragged the price down to N9.25.
Since May, the trend has been moderately bullish. Except for a dip in July, FCMB shares have gained in every other month, showing resilience and steady upward momentum.