Shareholders of FCMB Group Plc have approved a capital raise of up to N400 billion to meet the recapitalisation mandate by the Central Bank of Nigeria (CBN).
TThe approval was given during the bank’s Extraordinary General Meeting (EGM) on Monday, December 8, 2025. Following the approval, FCMB Group commits to meeting the minimum regulatory capital for banks with an international license ahead of the March 2026 deadline.
This will allow FCMB to retain its international banking license for its subsidiary, First City Monument Bank Limited, and aligns with the Central Bank of Nigeria’s minimum capital requirements.
The approval for the expanded capital raise reflects the Group’s exceptional financial performance and shows shareholders’ unwavering confidence in its leadership and bold growth ambitions.
Speaking at the Extraordinary General Meeting, Ladi Balogun, Group Chief Executive Officer, FCMB Group Plc, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.
He said: “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits. We project our earnings per share (EPS) to grow by over 50 percent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.”
Balogun added that: “With the capital adequacy ratio projected above 20 percent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”
The shareholders of FCMB Group also passed the following resolutions, among others:
Acceptance of Oversubscription: Approval was secured to accept oversubscriptions from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission (SEC) and subject to regulatory approvals.
This leverages the strong investor demand reflecting confidence in the Group.
Increase in Share Capital: FCMB Group’s issued share capital is increased from N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each by the creation and addition of the number of ordinary shares that will be required to give effect to the capital raise. The new ordinary shares shall rank pari passu in all respects with the existing ordinary shares of the Company.
With a diversified subsidiary portfolio and strong financial performance, FCMB has a forward-looking digital strategy and an impact-focused purpose. It is poised to make a significant contribution to Nigeria’s ambitious goal of achieving a $1 trillion economy.