FCMB Group Plc has launched a N160 billion public offer to strengthen its capital base and retain its international banking licence in line with the Central Bank of Nigeria’s recapitalisation directive.
The bank is offering 16 billion ordinary shares at N10 each, with the subscription window closing on November 6, 2025. Proceeds will be used to recapitalise First City Monument Bank Limited, ensuring compliance with the N500 billion minimum capital requirement for international banks.
This follows the group’s N147.5 billion rights issue in 2024, which was oversubscribed by 33% and attracted 42,800 investors, most of them through digital platforms. Analysts expect similar investor enthusiasm for the latest round, marking the second stage of FCMB’s three-phase recapitalisation programme.
The group has recorded strong growth in recent years. Profit before tax grew at a compound annual rate of 72% between 2022 and 2025, with non-bank subsidiaries contributing significantly. Credit Direct Finance Company Limited, the country’s largest non-bank lender, and FCMB Capital Markets, which ranked top in FMDQ’s bond listing and commercial paper league tables in the first half of 2025, were key drivers.
Digital revenues have also expanded, rising at more than 58% annually since 2022 and now accounting for 13.9% of group earnings. Digital lending represents 9% of the loan portfolio, reflecting FCMB’s broader strategy to leverage technology for growth.
At a price-to-book ratio below 0.6x, FCMB shares trade at what analysts describe as an attractive mix of value and growth. The group plans to follow the public offer with the sale of minority stakes in two subsidiaries, with proceeds also injected into the bank’s capital.
Once concluded, these moves will push FCMB’s qualifying capital above N500 billion, completing its recapitalisation programme and positioning it to maintain its international banking licence.
