The chief executive officer of FCMB Group, Ladi Balogun, has disclosed that the recapitalisation of its banking subsidiary, First City Monument Bank Limited, has significantly strengthened the institution’s capital base and positioned the group for its next phase of expansion.

LEADERSHIP reports that the group raised more than N400 billion through a series of transactions, including public equity offerings, a convertible instrument and a minority divestment in one of its subsidiaries.

As part of the exercise, the group raised N144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33 per cent and attracted about 42,800 investors, with roughly 92 per cent of the subscriptions completed through digital channels, including the FCMB mobile banking application.
FCMB also raised N22.7 billion through a mandatory convertible note and realised N11 billion from a minority divestment in FCMB Pensions Limited.

A second public offer launched in October 2025 raised N231.8 billion and was oversubscribed by 50.5 per cent, attracting more than 25,800 investors. The capital was raised almost entirely within Nigeria, reflecting the growing depth and resilience of the domestic capital market.

Speaking on the completion of the recapitalisation programme, Balogun said the strengthened capital position would enable the bank to expand its regional presence, deepen its technology capabilities and continue building its financial services ecosystem.

According to him, the bank remains committed to fostering inclusive and sustainable growth in the communities it serves.

“The recapitalisation programme positions the bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities and continue to build our ecosystem,” Balogun said.

“We remain committed to fostering inclusive, sustainable growth in the communities we serve from Nigeria to the rest of Africa and increasingly to the wider global community. We thank our shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, Nigerian Exchange Limited and the National Pension Commission for their support in achieving this milestone.”

The capital raise forms part of FCMB Group’s strategy to strengthen capital adequacy and support expansion across its banking and financial services operations.

With an improved capital base and growing earnings momentum, the group is positioning itself to deepen its regional footprint and pursue new growth opportunities across its markets.