Capital Market
FCMB Strengthens Balance Sheet, Lists 3.16bn New Shares on NGX

FCMB Group Plc has reinforced its financial standing by converting a ₦23.11 billion mandatory loan, including accrued interest, into equity. This conversion resulted in the issuance of 3.16 billion new ordinary shares at ₦7.30 per share.
The Nigerian Exchange (NGX) confirmed the listing of these shares on September 23, 2025, priced at ₦0.50 each. With this addition, FCMB’s total issued shares increased from 39.61 billion to 42.77 billion units.
Following the listing, FCMB’s market capitalization rose to ₦446.96 billion, up from ₦413.88 billion, marking a gain of ₦33.09 billion at a share price of ₦10.45.
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This move is part of FCMB’s broader recapitalization strategy aimed at meeting regulatory requirements, improving liquidity, reducing debt exposure, and maintaining a strong capital adequacy ratio in line with the Central Bank of Nigeria’s standards for deposit money banks.
Earlier in June 2025, FCMB announced its intention to exit the Central Bank’s regulatory forbearance list by March 2026. The loan-to-equity conversion was a key milestone in that journey, helping the bank comply with single obligor lending limits and retain a capital adequacy ratio above the 15% benchmark for international banks.
By May 2025, FCMB had reduced its forbearance-linked loans to ₦207.6 billion, down from ₦538.8 billion in September 2024—a drop of over 60%. Although this reclassification temporarily increased its non-performing loan ratio, the bank expects it to fall below 10% by year-end as lending activity picks up.
FCMB shares have shown resilience, climbing from ₦10.45 on September 23 to ₦10.90 by September 26, marking a 1.87% gain for the week. The stock opened the year at ₦9.40, surged 17.55% in January, and peaked at ₦11.05. Despite a dip between February and April, the trend since May has been moderately bullish, with gains in most months and a 14% year-to-date increase.