FCMB Group secures shareholders’ approval for N400bn capital raise to meet recapitalisation deadline

Shareholders of FCMB Group Plc have approved a capital raise of up to N400 billion, positioning the financial services group to meet regulatory recapitalisation requirements and strengthen its growth outlook.

The approval was granted at the company’s Extraordinary General Meeting (EGM) held on Monday, December 8, 2025, reflecting strong shareholder confidence in the Group’s financial performance, leadership and long-term strategy.

With the approval, FCMB Group is set to meet the Central Bank of Nigeria’s minimum capital requirement for banks with international licences ahead of the March 2026 deadline, enabling its banking subsidiary, First City Monument Bank Limited, to retain its international banking licence.

Speaking at the EGM, Group Chief Executive Officer, Ladi Balogun, thanked shareholders for their continued support, describing the capital raise as a critical step in strengthening the Group’s balance sheet and accelerating growth.

According to Balogun, the additional capital will be deployed to improve the Group’s capital adequacy ratio, invest in human capital and technology, support international expansion and reduce high-cost deposits. He projected that earnings per share would grow by more than 50 per cent on average over the next two years, positioning FCMB to outperform the market and deliver improved shareholder returns.

Balogun added that with the capital adequacy ratio expected to rise above 20 per cent, the Group’s capacity to pay dividends would improve significantly, with shareholders set to benefit from a steady increase in dividends per share.

At the meeting, shareholders also approved the acceptance of oversubscriptions arising from the Group’s 2025 public offer, subject to limits prescribed by the Securities and Exchange Commission and relevant regulatory approvals. The move reflects strong investor demand for FCMB Group’s shares.

Also, shareholders approved an increase in the Group’s issued share capital through the creation of new ordinary shares required to implement the capital raise. The new shares will rank pari passu with existing ordinary shares.

FCMB Group, which operates a diversified portfolio of subsidiaries, said the capital raise will support its forward-looking digital strategy and impact-driven business model, as it positions itself to contribute meaningfully to Nigeria’s ambition of building a $1 trillion economy.