By David Akinmola
First City Monument Bank (FCMB) Group Plc has unveiled plans to raise fresh equity capital as part of its strategy to accelerate growth and strengthen its balance sheet in the face of emerging opportunities in Nigeria’s financial services landscape.
The tier-two lender disclosed that the capital injection will support its expansion ambitions across banking, asset management, and fintech businesses, positioning the group for long-term competitiveness amid regulatory reforms and macroeconomic headwinds.
Although the group did not provide specific details on the size or timeline of the proposed equity raise, it indicated that the initiative would be executed through a mix of rights issue and private placement, subject to shareholder and regulatory approvals.
Analysts note that the move aligns with a broader trend in the Nigerian financial sector, where banks and holding companies are shoring up capital buffers ahead of expected recapitalization guidelines from the Central Bank of Nigeria (CBN).
Group Chief Executive of FCMB, Ladi Balogun, said the equity raise underscores the company’s commitment to sustaining growth while meeting evolving regulatory requirements. “This initiative will strengthen our capital base, enable us to deepen market penetration, and enhance our ability to support Nigeria’s economic development,” Balogun stated.
Industry experts predict the fresh capital will allow FCMB to scale digital banking platforms, expand lending to key sectors such as SMEs and retail, and invest in technology-driven solutions for financial inclusion.
FCMB Group has maintained steady growth in recent years, with improved profitability and stronger asset quality. Its plan to raise equity signals confidence in its growth outlook and a bid to consolidate its position in the competitive Nigerian banking sector.
