FCMB Eyes International Licence Retention As Shareholders Approve N400bn Fresh Capital

Shareholders of FCMB Group Plc have approved a capital increase of up to N 400 billion to enable it to retain its international banking licence, as part of measures to meet the recapitalisation deadline.

The shareholders, at an Extraordinary General Meeting (EGM), approved an expanded capital raise, reflecting the Group’s financial performance and shareholders’ confidence in its growth ambitions.
Following the approval, FCMB Group is set to meet the minimum regulatory capital for banks with an international licence ahead of the March 2026 deadline.

This will allow FCMB to retain its international banking licence for its subsidiary, First City Monument Bank Limited, and aligns with the Central Bank of Nigeria’s (CBN) minimum capital requirements.
Speaking at the EGM, the Group chief executive officer, Ladi Balogun, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.

He said: “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits.

“We project our earnings per share (EPS) to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.”

Balogun added, “With the capital adequacy ratio projected above 20 per cent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”

The shareholders of FCMB Group also approved the acceptance of oversubscriptions from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission (SEC) and subject to regulatory approvals.

They also approved an increase in Share Capital, increasing the FCMB Group’s issued share capital from N30.02 billion, divided into 60,004,339,565 ordinary shares of 50 kobo each, by creating and adding the number of ordinary shares required to effect the capital raise.

The new ordinary shares shall rank pari passu in all respects with the existing ordinary shares of the Company.