As banks rush to meet the Central Bank of Nigeria’s (CBN) March 2026 recapitalization deadline, shareholders of FCMB Group Plc have authorized an increase in capital raising of up to N400 billion. According to a statement, the approval for the expanded capital raise was granted during a recent Extraordinary General Meeting (EGM), which highlights the Group’s outstanding financial performance as well as the shareholders’ unwavering faith in its leadership and audacious growth goals.Following approval, FCMB Group will be able to meet the regulatory capital requirements for banks with an international license before the deadline of March 2026. According to the bank, the capital increase complies with the CBN’s minimum capital requirements and would enable FCMB to keep its international banking license for its subsidiary, First City Monument Bank Limited.
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