FCMB Group Plc said it has completed the recapitalisation of its banking subsidiary, First City Monument Bank Limited, and has secured its international banking licence after obtaining all required regulatory approvals.

The Group raised more than N400 billion through a series of transactions, including public equity offerings, a convertible instrument and a minority divestment in one of its subsidiaries.

The Nigerian financial services group raised N144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33 per cent and drew about 42,800 investors.

About 92 per cent of the subscriptions were completed through digital channels, including the FCMB mobile banking application.

FCMB also 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. It attracted more than 25,800 investors, with the capital raised almost entirely in Nigeria, reflecting the depth of the domestic capital markets.

Following the completion of these transactions and receipt of regulatory approvals, First City Monument Bank Limited has fully met the N500 billion minimum capital requirement for an international banking licence.

Group Chief Executive, Ladi Balogun, said the recapitalisation strengthened the institution’s capital base and positioned the group for its next stage of expansion.

“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.