FCMB Group Plc has commenced a N160 billion public share sale to strengthen its banking subsidiary and meet the Central Bank of Nigeria’s new N500 billion minimum capital requirement for international banks.
The offering of 16 billion shares at N10 each runs until November 6, 2025. Proceeds will be used to recapitalise First City Monument Bank Limited and help the lender retain its international licence.
The raise follows a N147.5 billion share sale in 2024, the first in 16 years. This 2024 share sale was oversubscribed by 33 percent, with 42,800 investors participating, 92 percent through digital channels. Analysts expect momentum to carry into this second phase of FCMB’s three-stage recapitalisation plan.