This move is a significant step by the bank to meet the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement for international banks by March 31, 2026.

The EGM aims to strengthen the lender’s financial position amid Nigeria’s fluctuating inflation rate and naira exchange rate volatility.

This information was contained in a corporate disclosure signed by the Group’s Secretary, Olufubmilayo Adedibu, and announced on the floor of the Nigerian Exchange Group (NGX) on Friday, November 14, 2025.

The EGM agenda features nine ordinary resolutions, headlined by a N30 billion increase from the prior N340 billion capital raise earlier approved by the company’s shareholders in December 2024.

FCMB has raised N167.67 billion, including N144.56 billion from its 2024 public offer and N23.11 billion through loan conversions. The 2025 public offer, targeting N160 billion, has generated strong demand.

Ahead of the scheduled EGM, the company will observe a closed period for two business days from November 28th to December 1st, 2025, to update the shareholders’ register.

The FCMB Group’s Extraordinary General Meeting will be streamed live online and across the company’s social media platforms to enable shareholders to participate in the virtual meeting.

The current share price of FCMB is N10.60; the lender’s shares are the second most traded shares in the last three months, by volume. The group has traded a total of 2.31 billion shares, with an average of 36.6 million shares traded per trading session.

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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. This 2024 share sale was oversubscribed by 33%, with 42,800 investors participating, 92% 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.

Groupwide digital initiatives continue to underpin growth, with digital revenues growing at 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 below 0.6x, FCMB stock trades at what analysts describe as a rare mix 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.

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Positive performance by Dangote Cement, (DANGCEM), Airtel Africa Plc, (AIRTELAFRI) and the Mobile Telephone Network (MTN), has been identified as the driving force behind the last week surge in Nigeria Stock Exchange (NGX) market.   

Leading the positive surge, is the DANGCEM (+1.59% w/w), AIRTELAFRI (+5.99% w/w), and MTNN (+7.95% w/w) drove the market’s positive performance, outweighing losses in STANBIC (-5.96% w/w), GUINNESS (-7.58% w/w), and CADBURY (-11.05% w/w). Consequently, the year-to-date (YTD) return rose to 6.54%.

The Nigerian Exchange Limited (NGX) finished the first week of 2024 on a positive note, buoyed by sustained investor confidence in listed companies.

This momentum has instilled optimism for a potentially bullish market in 2024, bringing the All-Share index up by 6.54% to close at 79,664.66 points.

This implies that, all other indices finished higher except NGX Growth and NGX Sovereign Bond Indices which depreciated by 6.38% and 1.21% respectively, while the NGX ASeM index closed flat.

Market analysts have noted that the stock market has been quite eventful and bullish in 2023, and can reasonably project further improvement in 2024, as more companies approach the market for listing and public offerings.

Techeconomy observation of the market performance revealed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading week at 74.773.77 index points at the beginning of trading on January 2, 2024, and closed at 79.664.66 points at the end the week on January 5th, gaining 4,890.89 basis points or 6.54%.

Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading week at N40.917 trillion in market capitalization at the beginning of trading, closed the week at N43.593 trillion, hence has earned a week-to-date gain of about N2.676 trillion.

However, it should be noted that outweighing losses are observed in STANBIC (-5.96% w/w), GUINNESS (-7.58% w/w), and CADBURY (-11.05% w/w).

Consequently, the year-to-date (YTD) return rose to 6.54%.

A total turnover of 3.320 billion shares worth N41.755 billion in 46,994 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.186 billion shares valued at N31.425 billion that exchanged hands last week in 23,969 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.399 billion shares valued at N26.054 billion traded in 22,833 deals; thus contributing 72.25% and 62.40% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 213.139 million shares worth N2.434 billion in 2,284 deals. The third place was the Oil and Gas Industry, with a turnover of 163.313 million shares worth N2.054 billion in 3,443 deals.

Trading in the top three equities namely Fidelity Bank Plc, FCMB Group Plc, and Sterling Financial Holdings Company Plc (measured by volume) accounted for 767.964 million shares worth N7.289 billion in 4,589 deals, contributing 23.13% and 17.46% to the total equity turnover volume and value respectively.

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