FCMB to host EGM to review N340bn capital raise

FCMB Group Plc has unveiled plans to hold an Extraordinary General Meeting (EGM) on December 8, 2025.

The notice was disclosed via a corporate filing with the Nigerian Exchange (NGX) on Friday.

The purpose of the EGM is to seek Shareholders approval to raise its capital ceiling from N340 billion to N370 billion as the Bank intensifies efforts to meet the Central Bank of Nigeria’s (CBN) revised capital requirements.

The new capital target reflects a strategic recalibration designed to ensure that the Group’s flagship banking subsidiary achieves the minimum capital threshold mandated by the CBN ahead of the March 31, 2026, deadline.

The adjustment follows a series of capital-raising initiatives the Group has launched over the past 18 months. 

FCMB had secured N144.56 billion from its 2024 public offer, exceeding the N110 billion target, and later resolved to expand its capital raise limit from N150 billion to N340 billion to accommodate investor enthusiasm. 

The oversubscription underscored strong market confidence in FCMB’s fundamentals and its recapitalisation drive.

In addition to last year’s oversubscribed offer, FCMB also raised US$15 million via a mandatory convertible loan issued to qualified investors. 

The loan has since been converted into equity, bringing an additional N23.11 billion into the Group’s capital pool.

The bank followed up these efforts with its 2025 Public Offer, launched to raise up to N160 billion. Early indications show that investor appetite has remained robust, prompting FCMB to seek approval to accept oversubscriptions subject to clearance from the Securities & Exchange Commission (SEC), the Nigerian Exchange Limited (NGX) and the CBN.

According to the Group, the drive to increase the capital ceiling to N370 billion is necessary to accommodate this wave of investor interest and ensure that it efficiently meets the CBN’s new capital adequacy benchmarks. As part of the proposal, FCMB will create additional ordinary shares to deliver on its recapitalisation goals.

The upcoming EGM will require shareholders to vote on key resolutions, including the expansion of the capital raise limit, approval to absorb oversubscriptions from the 2025 offer, and an increase in the company’s issued share capital.

The virtual meeting will also provide shareholders with the opportunity to engage management in the Group’s recapitalisation strategy and its operational implications.