AfriPulse
Stock Records 4.98% Gain on NGX
March 15, (THEWILL) — Market operators, investors, analysts, and industry observers have responded to the announcement made by FCMB Group regarding the successful completion of the recapitalisation of its banking subsidiary, First City Monument Bank Limited, as well as the acquisition of its international banking licence following the receipt of all necessary regulatory approvals.
This announcement, which followed a period of skepticism, doubts, and concerns from various sectors about the leading financial services institution’s ability to fulfill the N500 billion recapitalisation requirement before the Central Bank of Nigeria (CBN) deadline of March 31, 2026, received commendation from the market last week.
A top dealer/broker and investment expert, Dr Paul Uzum, expressed pleasant surprise that FCMB was able to beat the March 31, 2026 recapitalisation deadline within a short time. Uzum, who is Executive Director at Halo Nigeria Capital Management Limited, Lagos, told THEWILL that the news came to him as a surprise, commended the tenacity of the management of the company in delivering the mandate.
“I am quite surprised that the bank could raise their capital to as much as N500bn, within the limited timeline. It is a testament to the huge level of liquidity out there in the economy, and a strong confidence of investors in the bank and its management. We hope that this translates into a more resilient bank, stronger financial performance and ability to compete with its peers in the industry,” Uzum said in a note to THEWILL on Thursday.
Another investment specialist, Sam Ndata, Chief Operating Officer (COO) for Fundvine Capitals and Securities, Lagos, applauded FCMB Group for the remarkable milestone in securing the international authorisation banking licence, emphasising that it would boost the equities market.
“They have limitless transactions to do like other big banks and they can now do business beyond our borders,” the Doyen of the Stock Market said in reaction to the news of FCMB securing the international banking licence under the new CBN recapitalisation rule.
Dr Anthony Omojola, CEO at Credible Associates Limited, commended the strategic process that led to the attainment of the N500 billion capital base by FCMB.
In a note to THEWILL on Friday, Omojola, who is also a management and investment consultant, urged the bank to put the proceeds of the recapitalisation to a good use for the bountiful growth of the bank.
“Kudos to the directors, management and staff of our FCMB. They crafted the plans in stages, and gradually met the target. They have joined the league of big players in the market and I pray they will be able to sustain it. They need to plan more and be able to navigate the various options to grow the business of the bank and put all the assets to good use in order to generate returns for all the stakeholders,” said Omojola.
Mr Eric Akinduro, immediate past Chairman of the Ibadan Zone Shareholders’ Association, said the development signifies robust investor confidence in FCMB.
In a note to THEWILL on Friday, Akinduro said, “Capital market is all about confidence and trust in a company. If you look at the antecedent of FCMB, you will see the high level of investors’ trust in the leadership of the bank. The bank is consistent in creating value and dividend payment. It also has zero tolerance for contraventions. As an investor, I am happy with the management of the bank. The decisive step is to create more value for us and I believe, with this new level, an end to penny dividends has come.”
Mr Boniface Okezie, National President, Progressive Shareholders Association, who had earlier predicted that FCMB would meet the N500 billion recapitalisation, hailed the directors, management and staff of FCMB. He urged them the use the opportunity to delve in high-yielding lending to earn enhanced returns to the bank and stakeholders.
“I told you earlier (last month) that FCMB will meet the recapitalisation deadline. After series of capital raising, I had no doubt that FCMB will be in the league of international banks as I did not see anything stopping them from achieving the N500 billion recapitlisation target. It is a good development considering that the timeline was very short compared with Soludo’s banking recapitalisation era. To raise that amount at this time is not an easy thing. It shows investors’ confidence in the financial institutions,” Okezie said in a telephone chat on Friday.
In his reaction, an investment activist and co-founder of the Nigerian Shareholders Solidarity Association (NSSA), Gbadebo Olatokunbo, sees the development as good news — being able to cross the hurdles of N500 billion recapitalisation.
“However, crossing the hurdles is one thing; measuring up to expectations is what matters. I look forward to FCMB competing favourably with its peers in the elite group. The market is there for the serious players to capture; shareholders expectations are very high on the new status of FCMB,” Olatokunbo said in a note to THEWILL on Friday.
On the equities market performance, FCMB closed its last trading day (Friday, March 13, 2026) at N12.65 per share on the Nigerian Exchange (NGX). The stock began the year with a share price of N12.05 and has since gained 4.98 percent on that price valuation. “Shareholders can be optimistic about FCMB knowing the stock has accrued 12 percent over the past four-week period—24th best on NGX,” the NGX analysts said.
It added that FCMB Group is the #1 most traded stock on the Nigerian Exchange over the past three months (Dec 12, 2025 – Mar 13, 2026) and has traded a total volume of 4.37 billion shares—in 44,491 deals—valued at N52.2 billion over the period, averaging a volume of 69.4 million shares (valued at N829 million) per session.
THEWILL reports that FCMB group raised more than N400 billion through a series of transactions, including public equity offerings, a convertible instrument, and a minority divestment in one of its subsidiaries towards recapitalising its banking subsidiary, First City Monument Bank Limited.
It raised N144.6 billion through a public offer in July 2024. The offer was oversubscribed by 33 percent and drew about 42,800 investors. About 92 percent of the subscriptions were completed through digital channels, including the FCMB mobile banking application.
Ladi Balogun, group chief executive, FCMB Group Plc said the recapitalisation strengthens the institution’s capital base and positions the group for its next stage of expansion.
“The recapitalisation programme positions the Bank for the next phase of growth. With a strengthened capital base and our international banking licence secured, we plan to expand our regional presence, deepen technology capabilities, and continue to build our ecosystem,” Balogun said.
“We remain committed to fostering inclusive, sustainable growth in the communities we serve, from Nigeria to the rest of Africa and increasingly, to the wider global community. We thank our shareholders, investors, the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the National Pension Commission for their support in achieving this milestone,” he added.
Author Profile
Sam Diala, THEWILL
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
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