First City Monument Bank (FCMB) Group has successfully raised ₦147.5 billion through its latest public offer, which saw an impressive 33% oversubscription. The strong demand highlights growing investor confidence in Nigeria’s banking sector.
According to FCMB, the fresh capital will boost the financial strength of FCMB Ltd., its Nigerian banking subsidiary, pushing its capital base beyond ₦240 billion—well above the regulatory requirement for national banks.
The offer, priced at ₦7.30 per share, attracted 42,800 investors, including 39,000 new investors who participated via digital channels.
FCMB Expands its Market Presence
Following the successful offer, 19.8 billion new shares have been listed on the Nigerian Exchange Group (NGX), bringing FCMB’s total issued shares to 39.6 billion. The company secured approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) before the listing, reinforcing its credibility in the market.
In a press statement, FCMB Group CEO Ladi Balogun described the capital raise as a significant milestone in the company’s long-term growth strategy. The bank has also unveiled phases two and three of its capital-raising programme, signalling its ambition to meet global financial standards and expand its operations further.
Banks Rush to Strengthen Capital Amid CBN’s New Regulations
FCMB’s fundraising comes at a time when Nigerian banks are scrambling to meet the CBN’s new minimum capital requirements introduced in May 2024.Just days before FCMB’s announcement, Zenith Bank revealed that it raised ₦350.4 billion through a hybrid offer, combining an ordinary share offer and a rights issue.
Zenith Bank’s public offer was oversubscribed by 60.4%, while its rights issue saw a 100.18% subscription, leading to an increase in its share capital to ₦614.6 billion—exceeding the regulatory minimum by ₦114.6 billion ahead of the May 2026 deadline.
I am passionate about crafting stories, vibing to good music (and making some too), debating Nigeria’s political future like it’s the World Cup, and finding the perfect quiet spot to work and unwind.
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