The 2025 public offer for subscription launched by FCMB Group Plc has closed with gross proceeds of approximately ₦231.8 billion, 144% above the original target of ₦160 billion.
The offer involved the issuance of 16 billion ordinary shares at ₦10 each and ran from October 2, 2025, to November 6, 2025. It attracted 25,820 verified applications for over 23.1 billion shares, resulting in the final gross amount of ₦231.8 billion.
The offer formed the largest single component of FCMB Group’s multi-phase recapitalisation programme for First City Monument Bank Limited, prompted by the Central Bank of Nigeria’s March 28, 2024 directive. That directive required banks with international licences to hold a minimum capital base of ₦500 billion by March 2026. At the outset, the bank’s paid-up capital was ₦102 billion.
Previous steps had already raised funds: a December 2024 public offer brought in about ₦147.5 billion (33% oversubscribed), and a 2025 convertible loan added ₦22.5 billion. Those inflows increased the bank’s eligible capital (paid-up share capital plus share premium) to ₦266.5 billion as at December 31, 2025, leaving an approximate ₦233 billion shortfall.
The ₦231.8 billion from the 2025 public offer, combined with ₦11 billion obtained from the divestment of about 10% of FCMB Pensions Limited’s issued share capital, closed the gap and enabled compliance with the ₦500 billion requirement.
Chapel Hill Denham served as lead issuing house, with FCMB Capital Markets Limited, Capital Bancorp Plc, Coronation Merchant Bank, and FSDH Capital acting as joint issuing houses. Olaniwun Ajayi provided legal counsel to the issuer, Banwo & Ighodalo to the offer. Deloitte & Touche was the auditor, CardinalStone Registrars Limited the registrar, and receiving banks included Access Bank Plc, FSDH Merchant Bank Limited, and Wema Bank Limited.
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