The shareholders of FCMB Group Plc have approved the plan to increase the company’s fresh capital raise of up to N400bn.

The approval was given during an Extraordinary General Meeting recently.

Saturday PUNCH reports that FCMB Group, in its third-quarter report filed with the Nigerian Exchange Limited, affirmed that its banking subsidiary will be recapitalised ahead of the 2026 deadline, saying, “We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December.

“Subject to CBN capital verification (currently ongoing), shareholder approval at the EGM, and the required regulatory consents, we are positioned to deliver the N500bn capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited.”

Speaking at the EGM, according to a statement, the Group Chief Executive Officer, Ladi Balogun, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.

He said, “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits. We project our earnings per share to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.

“With the capital adequacy ratio projected above 20 per cent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”

The shareholders of FCMB Group also passed other resolutions, including acceptance of oversubscription from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission and subject to regulatory approvals. This leverages the strong investor demand, reflecting confidence in the Group.

FCMB Group’s issued share capital is increased from N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each by the creation and addition of the number of ordinary shares that will be required to give effect to the capital raise. The new ordinary shares shall rank pari passu in all respects with the existing ordinary shares of the company.

With a diversified subsidiary portfolio and strong financial performance, FCMB has a forward-looking digital strategy and an impact-focused purpose. It is poised to make a significant contribution to Nigeria’s ambitious goal of achieving a $1tn economy.