FCMB Group says to deploy new capital to bolster balance sheet, profitability

FCMB Group Plc, on October 2, 2025, launched a N160 billion public share offer aimed at strengthening its banking subsidiary, First City Monument Bank Limited, in response to new capital requirements mandated by the Central Bank of Nigeria (CBN).

The shares, priced at N10 each reflected a discount of 10.31 percent from the trading price of N11.15 as of August 12, 2025.

The proceeds from the offer are intended to enhance stakeholder value and will be allocated as follows: N133.87 billion (85.49 percent) for business growth and expansion, N17.4 billion (11.12 percent) for investments in IT and cybersecurity infrastructure, and N5.3 billion (3.39 percent) for human capital development.

This comprehensive strategy is set to lift FCMB’s total capital above the N500 billion mark, ensuring compliance with the CBN’s recapitalisation deadline of March 2026. In a circular from March 28, 2024, the CBN revised the minimum capital requirements for all banks in Nigeria as part of its strategy to fortify banks against macroeconomic challenges.

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FCMB Limited reported total assets of N6.9 trillion as of December 31, 2024, with significant year-on-year asset growth of 60 percent and deposits increasing by 40 percent.

For the financial year ended December 2024, FCMB Group showcased substantial growth with gross earnings of N794.4 billion—up 54 percent from 516.4 billion the previous year.

Net interest income rose by 28 percent, and the banking group saw a 39 percent increase in deposits. The group’s customer base also grew by 13 percent, indicating strong confidence amongst depositors.

With the successful completion of the capital raise, FCMB Group is poised for increased earnings and growth, which is expected to reflect positively on its balance sheet in the coming years.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.