FCMB Group Plc has announced the successful completion of its N160 billion public offer, positioning the financial holding company to meet the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement for commercial banks.
The disclosure was made in a notice to the Nigerian Exchange Limited (NGX) last weekend as Nigerian banks intensified efforts to comply with the CBN’s March 2026 recapitalisation deadline.
The lender also confirmed that it is on track to conclude the sale of a minority stake in one of its subsidiaries before the end of December, as part of its broader capital optimisation strategy.
“We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December. Subject to CBN capital verification, shareholder approval at the EGM, and required regulatory consents, we are positioned to deliver the N500bn capital target ahead of the March 2026 deadline for FCMB Limited,” the Group said.
FCMB returned to the capital market in October with a N160 billion public offer, comprising 16 billion ordinary shares priced at N10 each. The offer, which formed part of the bank’s multi-phase recapitalisation programme, closed on November 6, 2025.
According to the Group, the successful capital raise strengthens its capacity to sustain strong financial and operational performance, supported by expanding margins, rising customer activity and scalable digital growth.
The capital raise represents the second phase of FCMB’s recapitalisation plan, following the successful N147.5 billion share sale in 2024.
That earlier offer was oversubscribed by 33 percent, attracted about 42,800 investors and recorded a 92 percent digital subscription rate, highlighting growing investor confidence and the deepening use of digital investment platforms.
Over the past 18 months, FCMB’s capital-raising efforts have included N144.56 billion from the 2024 public offer, an increase in its capital issuance ceiling from N150 billion to N340 billion, a further expansion to N370 billion, a fully converted US$15 million mandatory convertible loan, and the now-concluded N160 billion public offer.
The Group also clarified that its recent decision to raise its capital-raising ceiling from N340 billion to N400 billion was not to initiate a new fundraising round, but to comply with a recent CBN circular.
With capital verification by the CBN currently ongoing, FCMB said it remains confident of meeting its recapitalisation obligation well ahead of schedule.
