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# FCMB Group raises N147.5 billion in oversubscribed public offer as Nigerian banks recapitalise
- URL: https://www.theglobalbanker.com/fcmb-group-raises-n147-5-billion-in-oversubscribed-public-offer-as-nigerian-banks-recapita/
- Published: 2024-12-30T15:30:00.000Z
- Updated: 2026-09-29T11:32:40.000Z
- Description: The offer, 33% oversubscribed, lifted First City Monument Bank's paid-up capital and share premium to over N240 billion as a first phase towards retaining its international licence.
- Author: TGB Editorial Team
- Tags: Banking News, Africa, #archive

FCMB Group announced on 30 December 2024 that it had completed its public offer, raising N147.5 billion (about $95.2 million) with 33% oversubscription, as the Nigerian lender moved to meet the Central Bank of Nigeria's (CBN) new minimum capital requirements for banks.

Of the verified total of N147.51 billion, N144.56 billion was absorbed through the allotment of 19,802,710,781 ordinary shares at N7.30 each, doubling the group's total shares in issue to 39,605,421,562\. The offer drew applications from 42,800 investors, 92% of whom subscribed through digital channels, and brought more than 39,000 new investors into the group. It received the approval of the CBN and the Securities and Exchange Commission.

#### FIRST PHASE OF CAPITAL PLAN

FCMB said the proceeds raised the paid-up share capital and share premium of its banking subsidiary, First City Monument Bank Limited, to over N240 billion (about $155 million), above the minimum required for a national banking licence. The offer formed the first phase of the group's recapitalisation programme, with subsequent second and third phases intended to ensure the bank meets the minimum capital required to retain its international banking licence.

Under the recapitalisation drive the CBN launched in 2024, banks with international licences must hold minimum paid-up capital of N500 billion, while national banks are required to hold at least N200 billion, with a compliance deadline of 31 March 2026.

Group chief executive Ladi Balogun said the success of the offer reflected significant investor confidence in the group's strategy, and thanked the CBN, the SEC and Nigerian Exchange Limited for their support.