Balogun Hails Strong Investors’ Confidence In FCMB N400bn Capital Raise

The chief executive officer of FCMB Group, Ladi Balogun, has commended investors for their strong confidence in the group following the successful recapitalisation of its banking subsidiary, First City Monument Bank, which raised over N400 billion.

The capital raise, achieved through a combination of public equity offerings, a convertible instrument and a minority divestment in one of its subsidiaries, has significantly strengthened the bank’s capital base and positioned it for the next phase of growth and expansion.

As part of the exercise, the group raised N144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33 per cent and attracted about 42,800 investors, with roughly 92 per cent of the subscriptions completed through digital channels, including the FCMB mobile banking application.

In addition, FCMB raised N22.7 billion through a mandatory convertible note and realised N11 billion from a minority divestment in FCMB Pensions Limited.

A second public offer launched in October 2025 raised N231.8 billion and was oversubscribed by 50.5 per cent, drawing participation from more than 25,800 investors. The capital was raised almost entirely within Nigeria, reflecting growing depth and resilience in the domestic capital market.

Speaking on the completion of the recapitalisation programme, Balogun said the strong participation by investors demonstrated confidence in the bank’s long-term strategy and growth prospects.

According to him, the strengthened capital position will enable the bank to expand its regional presence, deepen its technology capabilities and continue building its financial services ecosystem.

“The recapitalisation programme positions the bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities and continue to build our ecosystem,” Balogun said.

He added that the group remains committed to fostering inclusive and sustainable growth in the communities it serves across Nigeria and other parts of Africa.

Balogun also expressed appreciation to shareholders, investors, and regulators, including the Central Bank of Nigeria, the Securities and Exchange Commission, Nigerian Exchange Limited, and the National Pension Commission, for their support in achieving this milestone.

The capital raise forms part of FCMB Group’s broader strategy to strengthen capital adequacy and support expansion across its banking and financial services operations, while positioning the institution to pursue new growth opportunities across its markets.