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FCMB Group Plc has crossed the finish line. The Nigerian financial services group has completed the recapitalization of its banking subsidiary, First City Monument Bank Limited, and secured its international banking license after obtaining all required regulatory approvals.
It was not a single moment. It was the result of a two-year capital-raising campaign stitched together from multiple transactions, pulled off in stages even as Nigeria's banks scrambled to beat the Central Bank's deadline.
The compliance window, introduced in 2024, gives financial institutions until March 31, 2026, to meet new minimum capital thresholds, triggering a wave of equity issuances, merger talks, and balance sheet restructuring across the Nigerian banking sector.
FCMB came at it in several rounds. In July 2024, the group raised approximately $104 million through a public offer that was oversubscribed by 33 percent and attracted roughly 42,800 investors. About 92 percent of those subscriptions were processed through digital channels, including the FCMB mobile banking application.
That was just the opening move. The group also raised about $16 million through a mandatory convertible note and generated roughly $7.9 million from a minority divestment in FCMB Pensions Limited.
Then came the second act. A second public offer launched in October 2025 raised approximately $166 million and was oversubscribed by 50.5 percent. It attracted more than 25,800 investors, with the capital raised almost entirely in Nigeria, reflecting the depth of the domestic capital markets.
Together, those transactions pushed First City Monument Bank past the $359 million minimum capital threshold required for an international banking license, the equivalent of Nigeria's N500 billion regulatory floor.
The bank's verified eligible capital, comprising paid-up share capital and share premium, stood at approximately $191 million as of December 31, 2025, according to the group.
Group Chief Executive Ladi Balogun said the milestone was always about what comes next, not just clearing a regulatory bar.
"The recapitalisation programme positions the bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem," Balogun said.
He added that the group's ambitions stretch well beyond Nigeria's borders.
"We remain committed to fostering inclusive, sustainable growth in the communities we serve, from Nigeria to the rest of Africa and increasingly to the wider global community," Balogun said, thanking the CBN, the Securities and Exchange Commission, the Nigerian Exchange Limited and the National Pension Commission for their support.
The broader recapitalization exercise has reshaped Nigeria's banking landscape. As of February 19, 2026, total verified and approved capital raised across the sector stood at approximately $2.9 billion, underscoring strong investor participation and confidence in Nigeria's banking industry, according to CBN Governor Olayemi Cardoso.
The recapitalization echoes a 2004 exercise under then-CBN Governor Charles Soludo, which forced banks to dramatically raise their minimum capital, cutting the number of lenders from 89 to 25 and paving the way for stronger players to emerge.
FCMB's completion adds to a growing list of lenders that have cleared the bar. Access Corporation, GTCO, Zenith Bank and First Holdco had already met their targets and secured CBN approvals before FCMB crossed the line.
With the license secured and fresh capital on its books, the group is now focused on translating the fundraising effort into tangible growth, deeper technology investment and a wider regional footprint across Africa.
