Lagos, Nigeria – FCMB Group Plc has announced the successful completion of its N500 billion (332 million USD) capital raise ahead of the Central Bank of Nigeria’s March 31 recapitalisation deadline.
The development positions the bank among Nigerian financial institutions that have met new regulatory requirements.
Okay News reports that Group Chief Executive Ladi Balogun disclosed the completion in a statement dated March 8, 2026. The group received necessary approvals from the Central Bank of Nigeria, Securities and Exchange Commission, and National Pension Commission.
The 2025 Public Offer raised approximately N231.8 billion in gross proceeds. The group also raised an additional N11 billion through minority divestment of about 10% of FCMB Pensions Limited issued share capital. These approvals marked completion of the fundraising process required to strengthen the banking subsidiary’s capital base.
FCMB Group initially announced plans to raise N340 billion in 2024. The target increased to N370 billion in 2025 before further expansion. In November 2025, the group raised its capital-raising ceiling to N400 billion following a Central Bank circular requiring stronger capital positions.
The group clarified that the expanded ceiling ensured compliance rather than initiating new fundraising. Shareholders were reassured that the enlarged capital base would not dilute shareholder value. Earnings per share are projected to rise from N1.85 in 2024 to N4.60 by 2026.
The Central Bank disclosed last week that 30 banks have met new minimum capital thresholds. The recapitalisation drive began in 2024 and is progressing across the industry. In total, 33 banks have raised additional capital through rights issues, initial public offerings, and private placements.
FCMB Group’s capital raise follows strong financial performance in 2025. The group reported pre-tax profit of N200.91 billion for the year ended December 31, 2025. This represents an 80% increase from N111.9 billion in 2024.
Gross earnings rose by 41.8% to N1.13 trillion. This growth was driven by strong performance in interest income and trading income. Profit after tax surged by 141.7% to N176.91 billion compared with N73.34 billion in the previous year.
The improved financial performance and strengthened capital base position FCMB to capitalize on new opportunities. Nigeria’s banking sector continues adjusting to the Central Bank’s recapitalisation requirements aimed at ensuring financial system stability.
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