FCMB Group Plc has announced plans to increase its capital ceiling from N340 billion to N370 billion to meet the Central Bank of Nigeria (CBN)’s revised capital requirements. The proposal will be presented to shareholders at an Extraordinary General Meeting (EGM) scheduled for December 8, 2025, according to a filing with the Nigerian Exchange (NGX).
The increase is part of a strategic move to ensure the Group’s flagship banking subsidiary achieves the minimum capital threshold mandated by the CBN ahead of the March 31, 2026, deadline. FCMB has pursued multiple capital-raising initiatives over the past 18 months to bolster its financial position.
In 2024, the bank secured N144.56 billion from its public offer, surpassing the N110 billion target, and subsequently expanded its capital raise limit from N150 billion to N340 billion due to strong investor demand. The oversubscription reflected market confidence in the bank’s governance and financial fundamentals.
The Group also raised US$15 million via a mandatory convertible loan, which has been converted into equity, adding N23.11 billion to its capital. The 2025 Public Offer aims to raise up to N160 billion, with indications of sustained investor interest prompting FCMB to seek approval to accept oversubscriptions, subject to clearance from the Securities & Exchange Commission (SEC), NGX, and CBN.
“The proposed increase to N370 billion will accommodate strong investor participation and ensure compliance with the CBN’s capital adequacy benchmarks,” the Group stated. FCMB plans to issue additional ordinary shares as part of the recapitalisation strategy.
Shareholders will vote on key resolutions, including the capital ceiling expansion, approval for oversubscriptions, and increased issued share capital. The EGM will also allow engagement with management on operational implications and recapitalisation plans.
Analysts say FCMB’s proactive approach positions it ahead of competitors in meeting CBN thresholds. The bank’s composite strategy—public offers, equity conversions, and expanded share issuance—demonstrates a deliberate approach to strengthening capital buffers and supporting credit growth.
If approved, the December 8 EGM will mark a crucial step toward full recapitalisation, reinforcing FCMB’s resilience and growth trajectory.
