FCMB Completes CBN Capital Requirement Ahead of March 31 Deadline

FCMB Group Plc has said it had successfully met the Central Bank of Nigeria’s new capital requirements, announcing a verified capital base of N288.9bn of its banking subsidiary, First City Monument Bank Limited.

The lender is awaiting final validation from the Central Bank of Nigeria to cement its new status as a top-tier international banking institution.

The operation brings the bank’s capital to about 509.3 billion naira ($364 million), allowing it to comply with the new capital requirements introduced by the Central Bank of Nigeria (CBN) for banks operating in the country.

The recapitalization combined a market fundraising with a partial asset sale. The main contribution came from a public share offer launched in 2025, which involved 16 billion ordinary shares priced at 10 naira each.

The offer, completed in November 2025, drew strong investor interest and was oversubscribed by 150.5%. In total, 25,855 applications were recorded. Following validation by the CBN, 23,182,887,000 shares were allocated, representing gross proceeds of N231.8 billion.

In addition, the group sold a 10% minority stake in its subsidiary FCMB Pensions Limited, generating an extra 11 billion naira.

Group chief executive Ladi Balogun said the public offer and the minority stake sale together provide sufficient capital for the bank to meet the revised minimum capital requirement of 500 billion naira for an international banking license. He noted that the bank’s verified eligible capital—made up of paid-up capital and share premiums—stood at 266.5 billion naira as of December 31, 2025.

‘The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, and support our international expansion, and reduce high- cost deposits’, Group Chief Executive Officer of FCMB Group, Ladi Balogun stated this during a recent engagement with shareholders.

Combining existing capital with the proceeds of the share offer and the asset sale, FCMB Group’s capital now totals about 509.3 billion naira.

With this recapitalization, the bank joins several Nigerian lenders that have already met the new minimum capital threshold, including Access Bank, Zenith Bank, Ecobank Nigeria, Wema Bank, Stanbic IBTC Bank, and Guaranty Trust Bank.

According to the Central Bank of Nigeria, the recapitalization process is progressing steadily. As of March 6, thirty banks had already met the new minimum capital requirements, while thirty-three banks had raised additional capital through rights issues, initial public offerings, and private placements under the program.

Banks have until March 31 to comply with the new rules.

Under the revised framework set by the CBN, minimum capital requirements are set at 500 billion naira for international banks, 200 billion naira for national banks, and 50 billion naira for regional banks.