In its bid to retain its international banking licence, FCMB Group Plc has launched a N160 billion public share sale.
The exercise is to enable its banking subsidiary, FCMB Limited, meet the N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for international banks.
Following the completion of this share sale, the company plans to conclude the sale of minority stakes in two subsidiaries, with proceeds also injected into the bank, lifting qualifying core capital beyond N500 billion and closing its recapitalisation programme.
In this public offer, FCMB intends to sell about 16 billion shares at a unit price of N10.00. This exercise will run until November 6, 2025.
The raise follows a N147.5 billion share sale in 2024, the first in 16 years. This 2024 share sale was oversubscribed by 33 per cent, with 42,800 investors participating, 92 per cent through digital channels.
Analysts expect momentum to carry into this second phase of FCMB’s three-stage recapitalisation plan.
FCMB has posted robust growth, with group profit before tax rising at a 72 per cent compound annual rate between 2022 and 2025.
Non-bank subsidiaries delivered a 61 per cent PBT CAGR, led by Credit Direct Finance Company Limited, Nigeria’s largest non-bank lender, and FCMB Capital Markets, which topped the FMDQ fixed income league table for bond listing and commercial papers in the first half of 2025.
Groupwide digital initiatives continue to underpin growth, with digital revenues growing at more than 58 per cent annually since 2022, now accounting for 13.9 per cent of gross earnings. As of June 2025, digital lending stood at 9 per cent of the loan book.
At a 2025 estimated price-to-book ratio below 0.6x, FCMB stock trades at what analysts describe as a rare mix of deep value and high growth.