FCMB Group Plc has completed the capital raise programme for its banking subsidiary, First City Monument Bank Limited, after securing ₦242.8 billion to meet the new capital requirement for an international banking licence.
It announced this in a statement issued on Sunday, March 8, and signed by the Group Chief Executive, Ladi Balogun.
The financial services group said it had received all required approvals from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Pension Commission.
The approvals relate to the group’s 2025 Public Offer and the minority divestment of shares in FCMB Pensions Limited.
According to the statement, the 2025 public offer raised about ₦231.8 billion in gross proceeds, while the divestment of approximately 10 per cent of the issued share capital of FCMB Pensions generated an additional ₦11 billion.
“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence.
“This is based on verified eligible capital (paid-up share capital and share premium) of ₦266.5 billion as at 31 December 2025,” the group stated.
In a separate statement also issued on Sunday, FCMB noted that its Offer for Subscription of 16 billion ordinary shares of 50 kobo each at ₦10 per share opened on October 2, 2025 and closed on November 6, 2025.
At the close of the offer, the company received 25,855 applications for 24.09 billion ordinary shares, indicating strong investor demand.
READ ALSO:
- FCMB Pensions Disburses Over N200bn to RSA Holders, As AUM Reaches N1tn
- Why Local Refineries Won’t Deliver Cheaper Fuel – Yusuf
- 30 Banks Meet New Capital Threshold as Deadline Nears – CBN
- NCR Heads NGX’s Top 10 Growth Stocks in 2025
- August 2025 FGN Savings Bonds Offer N1.43bn Returns to Investors
- Iran–US–Israel War: CPPE Flags Inflation Threat to Nigeria
Of these, 25,825 applications for 24.08 billion shares were deemed valid and processed under the terms of the offer.
Following capital verification by the CBN, 25,820 applications covering 23.11 billion shares were verified and approved in full for allotment.
One application for 24.11 million shares received a 97.13 per cent allotment, while another application for 100 million shares was partially verified and allotted 48.8 per cent.
It stated that three applications covering 850 million shares were not verified, while 30 applications for 3.56 million shares were rejected for failing to comply with the terms of the offer.
The company said 18 applications did not meet the minimum subscription requirement, 11 applications did not comply with the required multiple subscription amount, and one application was rejected because no application form was submitted.
FCMB Group noted that the offer was 150.5 per cent subscribed and 144.9 per cent allotted after the capital verification process by the CBN, stating that the basis of allotment and the announcement had been cleared by the SEC.
“The Registrars to the Offer, CardinalStone Registrars Limited, will credit the shares allotted to the CSCS accounts of applicants who have indicated their CSCS account numbers on their respective application forms with the shares allotted not later than Monday, March 23, 2026.
“Applicants without CSCS accounts will have their shares credited at the CSCS using a Registrar Identification Number, in line with the SEC Directive on Dematerialisation of Share Certificates, not later than Monday, March 23, 2026. Return monies will be remitted to the affected subscribers not later than Friday, March 13, 2026,” the FCMB Group added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
