First City Monument Bank Limited (FCMB) has completed its capital-raising programme to meet the Central Bank of Nigeria (CBN) ‘s capital requirements.
The capital was raised through a 2025 Public Offer, which raised approximately ₦231.8 billion in gross proceeds, and the minority divestment of approximately 10% of the issued share capital of FCMB Pensions Limited, which raised an additional ₦11.0 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.
According to Group CEO Ladi Balogun, the additional capital will be deployed to: strengthen the bank’s capital adequacy ratio, invest in technology and human capital, support international expansion, and reduce reliance on high-cost deposits.
The FCMB milestone comes amid a broader recapitalisation programme launched by the CBN in 2024 to strengthen the banking sector and improve resilience to economic shocks. With FCMB reaching the ₦500 billion minimum capital requirement, the bank can now expand its operations across the region and internationally.
CBN recently revealed that over 30 Nigerian banks have already met the revised capital requirements, indicating strong industry response to the regulatory directive.
