FCMB Group Plc has launched a ₦160 billion public share sale to strengthen its banking subsidiary and meet the Central Bank of Nigeria’s new ₦500 billion minimum capital requirement for international banks.
The offering of 16 billion shares at ₦10 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 ₦147.5 billion share sale in 2024, the first in 16 years. The 2024 share sale was oversubscribed by 33%, with 42,800 investors participating, 92% of whom did so through digital channels. Analysts expect momentum to carry into this second phase of FCMB’s three-stage recapitalisation plan.
FCMB has posted robust growth, with group profit before tax rising at a 72% compound annual rate between 2022 and 2025.
Non-bank subsidiaries delivered a 61% PBT CAGR, led by Credit Direct Finance Company Limited, Nigeria’s largest non-bank lender, and FCMB Capital Markets, which topped the FMDQ fixed income league table for bond listing and commercial papers in the first half of 2025.
Group-wide digital initiatives continue to underpin growth, with digital revenues growing at a rate of more than 58% annually since 2022, now accounting for 13.9% of gross earnings. As of June 2025, digital lending stood at 9% of the loan book.
At a 2025 estimated price-to-book ratio of less than 0.6x, FCMB stock trades at what analysts describe as a rare combination of deep value and high growth.
Following the completion of this share sale, the group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds also injected into the bank. This will lift qualifying core capital beyond ₦500 billion and close its recapitalisation programme.
