First City Monument Bank Group (FCMB) has opened a N160 billion public share offer to meet the Central Bank of Nigeria’s N500 billion capital requirement for international banks and retain its international licence.
The offer consists of 16 billion shares at N10 each and will run until November 6, 2025. Proceeds from the FCMB Group Public Offer will be injected into First City Monument Bank Limited, the group’s main subsidiary, to strengthen its capital base.
This marks the second phase of FCMB’s recapitalisation programme, following its N147.5 billion rights issue in 2024, which was oversubscribed by 33% with participation from over 42,000 investors.
Analysts expect similar interest in the new offer due to the FCMB Group Public Offer.
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FCMB has recorded significant growth in recent years, with profit before tax rising at a 72% compound annual growth rate between 2022 and 2025.
Non-bank subsidiaries contributed strongly, including Credit Direct Finance Company Limited and FCMB Capital Markets, which led the fixed-income league table in the first half of 2025.
The group has also seen digital revenues grow at an annual rate of more than 58% since 2022, now accounting for nearly 14% of gross earnings. Digital lending makes up 9% of its loan book as of June 2025.
Following this public sale, FCMB plans to sell minority stakes in two subsidiaries to further boost qualifying core capital beyond N500 billion, completing its three-stage recapitalisation plan, with the FCMB Group Public Offer playing a pivotal role.
At its current valuation, FCMB stock trades at less than 0.6 times its estimated 2025 book value, which market observers describe as an opportunity combining deep value and high growth.
