First City Monument Bank Group has announced that it successfully raised ₦147.5 billion through its latest public offer, which was oversubscribed by 33%, reflecting strong investor confidence.
The capital infusion will enable its Nigerian banking subsidiary, FCMB Ltd., to bolster its capital base to over ₦240 billion, surpassing the regulatory requirement for national banks.
At a share price of ₦7.30, FCMB Group’s public offer attracted 42,800 investors, including 39,000 new investors who participated via digital platforms, per The Cable.
Following the successful offer, the Group listed 19.8 billion shares on the Nigerian Exchange Group after receiving capital verification and approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.
The listing, which took place on January 30, brings FCMB Group’s total issued shares to 39.6 billion.
Demonstrating its commitment to meeting international capital standards, FCMB has also launched the second and third phases of its capital-raising initiative. Group CEO Ladi Balogun described the capital raise as a significant milestone in the company’s strategic growth plan.
This announcement follows Zenith Bank’s disclosure that it secured ₦350.4 billion through a hybrid offer comprising 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 rate, with 5.2 billion ordinary shares allotted.
As a result, Zenith Bank increased its share capital to ₦614.6 billion, exceeding the regulatory minimum requirement by ₦114.6 billion, well ahead of the May 2026 deadline.
The CBN’s decision in May 2024 to revise the minimum capital requirement for banking licenses has prompted a wave of capital-raising activities among financial institutions. While some analysts believe certain banks may struggle to meet the new benchmarks, the strong participation of retail investors in these offerings indicates continued confidence in Nigeria’s financial sector.
