FCMB Group Plc has launched a N160 billion public share offering as part of its plan to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion for international banks.
The offer consists of 16 billion ordinary shares priced at N10 each and will remain open until November 6, 2025. Proceeds will be used to recapitalise First City Monument Bank Limited, enabling the lender to retain its international banking licence.
This is the second phase of FCMB’s three-stage recapitalisation programme, following a successful N147.5 billion share sale in 2024—the group’s first in 16 years. That earlier offering was oversubscribed by 33%, attracting 42,800 investors, 92% of whom subscribed digitally. Analysts expect this strong momentum to carry into the current issuance.
The group has recorded impressive growth in recent years. Profit before tax has risen at a 72% compound annual growth rate (CAGR) between 2022 and 2025, supported by strong performances from non-bank subsidiaries, which delivered a 61% CAGR. Key contributors include Credit Direct Finance Company Limited, Nigeria’s largest non-bank lender, and FCMB Capital Markets, which ranked top in the FMDQ fixed income league table for bond listings and commercial paper issuance in H1 2025.
Digital innovation has also been a major driver, with digital revenues expanding by over 58% annually since 2022 and now representing 13.9% of gross earnings. As of June 2025, digital lending accounted for 9% of the group’s loan book.
FCMB shares trade at an estimated 2025 price-to-book ratio of less than 0.6x, a valuation analysts describe as offering a rare blend of deep value and high growth potential.
After this public offering, FCMB plans to sell minority stakes in two subsidiaries and inject the proceeds into the bank. This final step will lift qualifying core capital above N500 billion, completing the group’s recapitalisation programme.
