FCMB Group Plans Equity Capital Raise to Fund Regional and International Expansion

FCMB Group Plc has announced plans to raise equity capital as part of its strategy to strengthen its capital base and support regional and international expansion. The financial services group disclosed this in a notice to NGX Regulation Limited and the investing public.

The board’s decision follows shareholder approval granted during the Extraordinary General Meeting held on December 19, 2024. According to FCMB, the proposed offer for subscription aims to boost the company’s financial capacity to pursue strategic growth objectives. The bank noted that proceeds from the offer would be injected as equity into First City Monument Bank Limited.

“The Board is keen to commence the offer based on a live market price while ensuring that the offer price reflects an appropriate discount,” the company stated. Full details of the capital raise will be released upon receiving approval from the Securities and Exchange Commission (SEC).

This move comes after FCMB successfully raised N147.50 billion in 2024, largely through a public offer of 19.8 billion ordinary shares at N7.30 per share. The Group also reported strong first-quarter results for 2025, posting a profit before tax of N35 billion and a 41.1% year-on-year increase in gross revenue to N252.7 billion, driven by higher net interest income.

As of March 2025, FCMB’s total assets stood at N7.40 trillion, reflecting a 5% increase from December 2024, while loans and advances rose 3.4% to N2.44 trillion. Group CEO Ladi Balogun emphasized the company’s commitment to leveraging its diversified financial ecosystem to drive inclusive and sustainable growth across Africa and the UK. Analysts believe the planned capital raise will further enhance FCMB’s strong outlook for the financial year.

Source: Leadership