AG Mortgage Bank Plc recorded a sharp improvement in its 2025 financial performance, with profit after tax rising by 130 per cent to ₦1.06 billion.

The figures were disclosed at the bank’s 2026 Annual General Meeting, held virtually on September 25.

Gross earnings increased by 42 per cent to ₦4.93 billion in 2025, compared with ₦3.47 billion in the previous year.

Profit before tax also climbed by 89 per cent to ₦1.38 billion, while earnings per share rose from ₦4.59 to ₦10.55.

AG Mortgage Bank Expands Balance Sheet

The bank’s total assets grew by 48 per cent to ₦33.04 billion from ₦22.37 billion in 2024.

Loans and advances increased by 44 per cent to ₦22.71 billion, while customer deposits rose by 14 per cent to ₦9.48 billion.

Shareholders’ funds also strengthened by 17 per cent to ₦7.16 billion.

Managing Director and Chief Executive Officer, Ngozi Anyogu, described the growth in the loan book as particularly significant.

According to Anyogu, the expansion reflected the bank’s increased capacity to deploy funding into mortgage lending while maintaining credit discipline and portfolio quality.

Bank Highlights ₦7.83bn Mortgage Facility

Funding capacity was a major focus of the bank’s presentation to shareholders.

The lender highlighted its ₦7.83 billion Mortgage Refinance and Investment Enhancement Facility (MRIEF), alongside continued access to Federal Mortgage Bank of Nigeria funding for qualifying National Housing Fund lending.

Anyogu said the funding relationships went beyond liquidity, supporting the bank’s participation in programmes designed to expand access to housing finance.

The bank said its product development strategy remains focused on affordable and liveable housing while creating value for customers, employees, shareholders and communities.

Management Emphasises Risk Management

The bank’s board said growth during the year was accompanied by strengthened oversight of credit quality, liquidity, enterprise risk and regulatory compliance.

Management also said its credit risk approach incorporates forward-looking assessments of macroeconomic conditions in line with IFRS 9 requirements.

Chairman of the Board, Rev. Abel Amadi, said the financial results were encouraging despite inflation, elevated interest rates and exchange-rate volatility.

“These results are particularly encouraging because they demonstrate that the Bank was able to achieve meaningful growth while operating within a demanding economic environment,” Amadi told shareholders.

AG Mortgage Bank Proposes ₦50m Dividend

The board recommended a final dividend of ₦50 million, representing ₦0.50 per share.

According to the board, the proposal reflects the bank’s improved performance while preserving its capacity to finance future growth.

AG Mortgage Bank, which marked 21 years of operations in 2026, said its next phase would focus on scale, efficiency, customer reach and sustainable value creation.

The bank also plans to deepen its mortgage business and expand its reach through technology and strategic partnerships.

At the end of the AGM, members of the Audit Committee were re-elected, including Dr. Mark Chigozie, Mr. Monday Ubani and Engr. Eme Tasie.

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President Bola Ahmed Tinubu has urged Nigerian banks to reduce their reliance on government securities and increase lending to businesses, infrastructure and other productive sectors of the economy.

Tinubu made the call at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

The President, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the banking sector must help transform recent economic stability into stronger private-sector growth.

According to him, attractive returns on government securities had made lending to businesses less attractive to banks over the years.

He, however, said improving fiscal conditions should create more room for increased private-sector credit.

“So, from financing government, we need to move to financing growth,” Tinubu said.

Tinubu links recapitalisation to business lending

The President said stronger fiscal discipline would reduce pressure on government borrowing, while lower inflation could support reduced interest rates.

He explained that cheaper capital would encourage investment, production, job creation and higher incomes.

Tinubu also said the recently completed bank recapitalisation must go beyond strengthening banks’ balance sheets.

He stressed that the additional capital should translate into increased financing for Nigerian businesses and support their expansion across Africa.

“A bigger bank that does not finance a more productive economy is a sub-optimal outcome,” he said.

To encourage lending to productive sectors, Tinubu said the Federal Government was expanding guarantees, risk-sharing arrangements, blended finance and credit enhancements.

He identified the National Credit Guarantee Company as central to the strategy.

According to him, the measures would reduce lending risks and attract more private capital into productive investments rather than relying mainly on direct government funding.

President wants more long-term capital for infrastructure

Tinubu also called for increased mobilisation of long-term capital for infrastructure, industry, housing and energy.

He said Nigeria could not finance long-term development primarily with short-term funds.

The President urged deeper capital markets and stronger pension, insurance and asset-management sectors to mobilise domestic savings and foreign capital for long-term investment.

He added that Nigeria must compete aggressively for international capital because investors are primarily attracted by risk-adjusted returns.

“Capital is highly mobile. It is neither emotional nor patriotic; it goes where risk-adjusted returns are attractive and competitive,” he said.

Tinubu further said Nigeria was expected to return to the JPMorgan Bond Index soon, while the country’s capital market had recorded about 60 per cent year-to-date growth.

He said the developments reflected improving investor confidence and provided an opportunity to attract more capital for productive investment.

Tinubu identifies five priorities for financial sector

The President identified five priorities for building a resilient financial system: growth facilitation, inclusion, technology, long-term capital and trust.

On financial inclusion, he said having a bank account alone was not sufficient.

He argued that genuine inclusion should enable market women and young entrepreneurs to access affordable working capital based on viable cash flow rather than collateral they may not have.

On technology, Tinubu said artificial intelligence, open banking, digital identity and instant payments were transforming financial services.

He, however, warned that rapid digital expansion was also creating new vulnerabilities.

“Cybersecurity is now financial stability infrastructure,” he said, while calling for stronger data protection and fraud prevention.

Banks urged to support Nigerian businesses across Africa

Tinubu also urged banks to help Nigerian businesses become regional champions by financing exports and expansion through the African Continental Free Trade Area (AfCFTA).

He said the continental market, with more than 1.4 billion people, presented significant opportunities for Nigerian businesses.

The President urged banks to help transform micro-enterprises into large companies while redirecting capital from speculation towards production.

CBN says economic stability is returning

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, represented by the Deputy Governor, Economic Policy, Philip Ikeazor, said Nigeria’s macroeconomic stability was gradually returning.

He said monetary and fiscal authorities were working more closely together but acknowledged concerns about when ordinary Nigerians would begin to feel the impact of the improving indicators.

According to him, the benefits were expected to reach Nigerians as the collaboration between both authorities continued.

Cardoso said the authorities were working towards bringing inflation permanently into single digits and were engaging state governments because subnational governments also contribute to inflationary pressures.

He also credited banks for accepting the burden associated with the CBN’s cash reserve requirement as part of efforts to restore economic stability.

The CBN governor said the apex bank had incurred substantial costs in managing liquidity, while banks and fiscal authorities had also faced the effects of tighter monetary conditions.

He added that Nigeria’s economic buffers had been tested by external shocks, including the Iran conflict, but remained sufficient to withstand the disruption.

CIBN proposes SME hubs nationwide

The President of CIBN, Dele Alabi, called for the establishment of scalable SME Hubs across Nigeria to connect small businesses with infrastructure, skills, technology, markets and finance.

Alabi said many micro, small and medium enterprises remained constrained by high operating costs, inadequate infrastructure, limited market access, low productivity and insufficient digital adoption.

He said the proposed hubs could reduce operating costs, improve the bankability of small businesses and create a stronger link between recapitalised banks and the real sector.

Alabi said the initiative formed part of the Institute’s IMPACT Vision, introduced after he became the 24th President and Chairman of Council in May.

He said the vision was designed to move CIBN from identifying industry problems to developing practical solutions focused on professional standards, capacity building and responsible innovation.

Alabi also warned that artificial intelligence and fintech were creating both opportunities and risks for the financial system, including cyber threats, data governance concerns, market concentration, job displacement and systemic risks.

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over their failure to meet key regulatory requirements for continued operation.

The apex bank announced the decision in a statement issued by its Acting Director of Corporate Communications, Sidi-Ali Hakama, stating that the revocation took effect from July 1, 2026.

According to the CBN, the action was approved by Governor Olayemi Cardoso in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The regulator explained that the affected institutions failed to satisfy critical conditions required of licensed financial institutions, prompting the withdrawal of their licences.

The CBN said the affected banks were found to have committed one or more regulatory infractions, including inadequate assets to meet liabilities, prolonged inactivity, closure of operations without regulatory approval, failure to commence business within 12 months of licence issuance, and inability to maintain the minimum capital requirement prescribed by law.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.

The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system through strict supervision and enforcement of regulatory standards.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in the Nigerian financial system,” it added.

Among the affected institutions are Minji-Se Churchill Microfinance Bank (Rivers State), Merchant Microfinance Bank (Abia State), Gold Microfinance Bank (Lagos State), Crystabel Microfinance Bank (Bayelsa State), Creditville Microfinance Bank (Lagos State), OurPass Microfinance Bank (Ondo State), Entrepreneur Microfinance Bank (Lagos State) and Avantus Microfinance Bank (Osun State).

A significant number of the affected institutions are based in Kano State, including Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, NOW NOW Digital Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank and Esteem Microfinance Bank.

Industry analysts say the move reflects the CBN’s determination to strengthen regulatory compliance, improve financial sector stability and eliminate weak institutions that pose risks to depositors and the broader banking ecosystem.

The development marks one of the largest single licence revocations in the microfinance banking sector in recent years as the regulator intensifies efforts to sanitise Nigeria’s financial services industry.

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Recent comments by former Zenith Bank Chairman, Jim Ovia, suggesting that real estate delivers better returns than banking have sparked widespread debate among Nigerians, with investment experts weighing in on the merits of property ownership versus traditional savings.

The discussion gained momentum on social media after Ovia’s remarks, with supporters arguing that real estate offers superior long-term returns, while others maintained that banking investments provide greater security and liquidity.

Analysts, however, say rising inflation has significantly eroded the purchasing power of savings, prompting many Nigerians to seek alternative investment options capable of preserving and growing wealth.

Speaking on the issue, real estate and investment expert Joseph Momoh said the comparison between real estate and banking depends largely on investment objectives and economic conditions.

According to him, inflation remains one of the biggest threats to wealth preservation, making property investment increasingly attractive to investors.

“If you buy land in a strategic location and carry out proper due diligence, its value could appreciate significantly over five to ten years, often surpassing returns from traditional savings products,” he said.

Momoh explained that while savings accounts and fixed deposits generally provide modest annual returns, property investments can generate substantial gains through both appreciation and rental income.

He noted that investors who acquire residential properties and lease them out often recover their initial investment over time while continuing to earn income from the asset.

Also commenting, realtor Bawa Musa described real estate as one of the most effective wealth-building tools available to Nigerians.

He argued that money kept in savings accounts is typically deployed by financial institutions for lending and other investments, while property owners retain the full benefit of capital appreciation.

“When you invest in real estate, the increase in value belongs entirely to you. That is why many investors see property as a stronger pathway to long-term wealth creation,” he said.

Musa further noted that investing in property reduces the temptation to spend funds that might otherwise remain accessible in savings accounts.

Investment analyst Mohammed Mustapha also highlighted the multiple income streams available through real estate investments, including rental earnings, capital appreciation and protection against inflation.

He said property investments have historically served as a hedge against economic uncertainty, particularly during periods of inflation and external economic shocks.

“Unlike ordinary savings accounts, a well-selected property can appreciate in value, generate rental income and help preserve wealth during periods of economic instability,” Mustapha explained.

However, he cautioned against the assumption that every property automatically yields high returns.

According to him, the success of a real estate investment depends on critical factors such as location, infrastructure, security, demand and overall market conditions.

“Some properties appreciate rapidly, while others remain stagnant for years. Asset selection is key, and investors must conduct thorough research before committing funds,” he said.

The experts agreed that although real estate can outperform traditional banking investments over the long term, investors must carefully evaluate opportunities and understand the risks associated with property ownership before making investment decisions.

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Nigeria attracted $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8 per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The report showed that capital inflows also increased by 61 per cent from the $6.44 billion recorded in the fourth quarter of 2025, reflecting growing foreign investor confidence in Nigerian financial assets.

Portfolio investments remained the dominant source of inflows, accounting for $9.86 billion or 95.1 per cent of total capital imported during the period. This represented an 89.5 per cent increase compared to the first quarter of 2025 and a 79.8 per cent rise from the previous quarter.

Within the portfolio investment category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, jointly contributing more than 98 per cent of total portfolio inflows.

Despite the strong overall performance, Foreign Direct Investment (FDI) remained relatively weak. Nigeria recorded FDI inflows of $135.08 million, representing only 1.3 per cent of total capital importation. Although this was seven per cent higher than the figure recorded a year earlier, it declined by over 62 per cent compared to the previous quarter.

Other investments contributed $374.48 million, accounting for 3.6 per cent of total inflows. Loans represented the largest component at $364.43 million, while trade credits accounted for approximately $10 million.

Banking Sector Dominates Capital Inflows

Sectoral analysis revealed that the banking sector remained the largest recipient of foreign capital during the quarter, attracting $7.55 billion or 72.8 per cent of total inflows.

The financing sector followed with $2.43 billion, representing 23.4 per cent, meaning the two sectors accounted for more than 96 per cent of all capital imported into the country during the period.

The production and manufacturing sector received $152.27 million, while investments in shares amounted to $75.34 million.

Other sectors attracted significantly lower inflows, including trading ($65.79 million), agriculture ($37.28 million), information technology services ($11.33 million), and telecommunications ($7.24 million).

Notably, sectors critical to economic diversification recorded minimal investment. The oil and gas sector attracted only $460,000, while construction received $100,000. Education and healthcare recorded inflows of $70,000 and $120,000 respectively.

UK Leads Source Countries

The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, contributing $5.08 billion or 49 per cent of total inflows.

The United States followed with $3.18 billion, accounting for 30.7 per cent, while South Africa contributed $983.83 million, representing 9.5 per cent of total capital importation.

Mauritius and the United Arab Emirates contributed $390.07 million and $194.51 million respectively.

Standard Chartered Tops Receiving Banks

Among financial institutions, Standard Chartered Bank Nigeria processed the highest volume of capital inflows, receiving $4.41 billion or 42.6 per cent of total importation.

Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank handled $930.82 million.

Other major receiving institutions included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank Nigeria and Fidelity Bank.

Analysts say the latest figures highlight sustained foreign investor preference for short-term financial instruments, particularly bonds and money market assets, while long-term productive investments such as manufacturing, agriculture, construction and oil and gas continue to attract relatively low levels of foreign capital.

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Abbey Mortgage Bank Plc has announced a N1.2 billion dividend payout, translating to 12 kobo per ordinary share of 50 kobo each, in a move that underscores its commitment to sustainable growth and shareholder value creation.

The announcement was made during the bank’s 34th Annual General Meeting (AGM), which brought together shareholders, board members, management, regulators, and other key stakeholders to review its financial performance and strategic direction.

At the meeting, shareholders approved key resolutions, including an additional capital raise and the dividend declaration, while commending the bank’s operational resilience and steady transformation within Nigeria’s financial services sector.

Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said the institution remains focused on enhancing value delivery to shareholders while maintaining a balance between rewarding investors and strengthening long-term growth.

He said the bank’s next phase of growth will prioritise digitally driven banking services aimed at removing traditional barriers to financial access and improving customer experience.

“Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminates the traditional barriers to premier financial services,” Adewumi said.

He added that the bank is working to build a resilient and agile institution capable of delivering meaningful value to all stakeholders.

Adewumi also highlighted the bank’s commitment to strong corporate governance, innovation, and expansion within Nigeria’s financial services industry.

The AGM also provided an opportunity for management to appreciate shareholders for their continued confidence and support, which the bank described as critical to its growth trajectory.

Abbey Mortgage Bank reaffirmed its focus on financial inclusion, innovation, and sustainable value creation as it continues to strengthen its position in the Nigerian banking sector.

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Nigeria’s cash flow dynamics showed signs of stabilisation in February 2026, as currency held outside the banking system declined slightly to ₦5.20 trillion, indicating easing pressure on physical cash demand after the festive season.

Latest data from the Central Bank of Nigeria revealed that cash outside banks dropped marginally by 0.058 percent from ₦5.21 trillion recorded in January, reflecting a gradual return of funds into the formal banking system.

The figures also showed that total money supply fell to ₦123.14 trillion in February, down from ₦123.35 trillion in the previous month, while currency in circulation remained relatively stable at ₦5.73 trillion.

Analysts attribute the moderation to post-holiday financial behaviour, as households and businesses redeposited excess cash withdrawn during the high-spending festive period.

Data trends indicate that cash outside banks had peaked at ₦5.41 trillion in December 2025 before easing in the first two months of 2026, aligning with Nigeria’s typical seasonal liquidity cycle.

Despite the slight decline, experts note that cash continues to play a dominant role in Nigeria’s economy, particularly within the informal sector, where reliance on physical transactions remains high.

The apex bank maintains that improved liquidity recycling into the banking system enhances financial intermediation and strengthens the effectiveness of monetary policy.

Economic observers say the current trend suggests a gradual normalisation of liquidity conditions, even as digital payment channels continue to expand across the country.

However, they caution that the persistent dependence on cash highlights the need for sustained efforts to deepen financial inclusion and accelerate the adoption of electronic payment systems.

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The Central Bank of Nigeria (CBN) has dismissed viral claims circulating on social media alleging the introduction of a new N5,000 banknote.

The apex bank confirmed that the image being shared online is fake and does not represent any official currency design or policy decision.

The clarification comes amid rising concerns over misinformation linked to Nigeria’s financial system and currency management.

Viral Image Sparks Nationwide Reactions

The false claim began spreading across multiple social media platforms, where users shared an image allegedly showing a newly designed N5,000 note.

The image further suggested that the note featured President Bola Tinubu, triggering widespread debate and confusion among users.

Many Nigerians reacted with skepticism, questioning whether the CBN had quietly introduced a higher denomination to address cash scarcity and inflation pressures.

The claims quickly gained traction before being flagged by the apex bank.

CBN Issues Official Rebuttal

In a statement posted on its official X (formerly Twitter) account, the CBN categorically denied the authenticity of the viral image.

The bank stated: “This content is fake. Let the public be guided.”

With that brief but firm response, the institution reaffirmed that no new currency note has been issued or approved.

The clarification aligns with the regulatory mandate of the CBN as the sole authority responsible for issuing legal tender in Nigeria.

Growing Challenge of Financial Misinformation

The incident highlights a broader challenge facing the Nigerian financial ecosystem, where digital misinformation spreads rapidly across social platforms.

False claims about currency redesigns, redenominations, or new denominations often generate public anxiety, particularly in an economy sensitive to cash availability and inflation trends.

In recent years, similar rumours have surfaced, including claims about proposed N5,000 and N10,000 banknotes. These were also previously debunked by the CBN.

Such misinformation often circulates without verification, leading to unnecessary panic and speculation among citizens and market participants.

CBN’s History of Currency Rumour Control

The current clarification is not the first time the CBN has had to address fake currency-related claims.

In previous instances, the bank has consistently warned the public against believing unofficial reports regarding changes to Nigeria’s legal tender.

The institution maintains that any policy decision involving currency redesign, introduction, or redenomination is formally communicated through verified channels.

These include official press releases, regulated media outlets, and announcements from the bank’s communication platforms.

Why Fake Currency Claims Gain Traction

Financial experts argue that false currency reports often spread quickly due to economic uncertainty and low public trust in unofficial online content.

In Nigeria’s case, persistent inflationary pressure and cash management reforms have made citizens more sensitive to perceived changes in currency policy.

Social media platforms further amplify such claims, allowing manipulated or AI-generated images to circulate widely before verification occurs.

This creates an environment where misinformation can influence public perception even without official confirmation.

Regulatory Reassurance to the Public

By debunking the viral claim, the CBN aims to reinforce confidence in Nigeria’s financial system and maintain stability in public expectations.

The bank has repeatedly assured citizens that the country’s currency framework remains unchanged and fully regulated.

It also continues to emphasize the importance of verifying financial information through official sources before sharing or acting on it.

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The Central Bank of Nigeria (CBN) has unveiled its policy direction for 2026, with Governor Olayemi Cardoso declaring that the incoming year will focus on restoring banking stability, modernising the financial system, deepening payment innovation, and strengthening the nation’s economic resilience.

Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) Bankers’ Dinner in Lagos, Cardoso said the Bank’s 2026 blueprint aligns with its mandate to maintain monetary stability and protect the financial system. According to him, the CBN is prioritising rigorous bank supervision, stronger governance, and sustainable credit expansion to safeguard depositors across the country.

Cardoso emphasised that delivering “durable price stability” remains at the centre of monetary policy, noting that the Bank will refine its inflation-targeting framework using advanced analytics to better anchor expectations and steadily reduce inflation.

He added that Nigeria’s payment ecosystem will undergo significant upgrades in 2026. Digital rails will be strengthened, financial inclusion expanded, and contactless payment adoption accelerated. Cardoso disclosed that over 12 million contactless cards are already in circulation, demonstrating rising consumer confidence in digital transactions.

On fintech regulation, Cardoso stated that while innovation will continue to be encouraged, the Bank will enforce stricter licensing conditions, enhance cybersecurity frameworks, strengthen data governance, and create clearer boundaries for digital-asset experimentation. He stressed that consumer protection will remain a top priority.

The governor also revealed that the CBN is building stronger institutional capacity by improving staff skills, streamlining internal processes, and reducing approval bottlenecks. Partnerships with regulators, industry leaders, and international institutions will also be deepened to boost Nigeria’s standing in global financial governance.

Cardoso made a major policy declaration: the CBN will no longer finance government deficits. He described the end of deficit financing as critical to maintaining fiscal and monetary discipline, saying, “There will be no return to the practice of financing fiscal deficits by the Central Bank.”

He noted that fiscal authorities are reinforcing this shift through reforms such as the Revenue Optimisation Framework, the establishment of a National Revenue Agency, and upgrades to the Treasury Single Account.

Cardoso highlighted Nigeria’s strong macroeconomic rebound in 2025. Foreign-capital inflows reached US$20.98 billion in the first 10 months of the year — a 70 percent rise compared with 2024 and a 428 percent jump from 2023. He added that foreign-exchange reserves climbed to US$46.7 billion by mid-November, the highest level in nearly seven years. According to him, the most significant achievement is that reserves are being rebuilt organically — through better market performance, rising non-oil exports, and stronger investment inflows, not borrowing.

Earlier in the year, the Bank extended its Payment System Vision roadmap to 2028 to enhance cybersecurity and accelerate payments modernisation. More than 40 fintech innovators now operate in the CBN’s regulatory sandbox, enabling safe experimentation of digital-finance solutions.

Cardoso affirmed that the CBN will continue to provide forward guidance, safeguard the integrity of financial markets, deploy artificial intelligence to strengthen decision-making, and deepen collaboration with local and global regulators.

He said the Bank’s 2026 priorities are “practical, measurable, and fully aligned” with its mission to protect financial and monetary stability, while ensuring the Nigerian economy becomes more resilient, transparent, and investor-friendly.

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FCMB Group Plc has again raised its capital raise ceiling—this time to N400 billion, a move that is deepening anxiety among shareholders, who say the bank’s rapidly shifting targets could dilute existing holdings and shake confidence in its long-term strategy.

The new proposal, disclosed in a filing with the Nigerian Exchange (NGX) on Friday, gives the board sweeping authority to source capital using multiple instruments. These include ordinary and preference shares, bonds, loans, and both convertible and non-convertible notes, across local and international markets.

Investor groups say the continuous recalibration of FCMB’s capital targets raises questions about strategic clarity—especially after the bank launched several capital-raising initiatives within just 18 months.

Concerns Over Strategy and Shareholder Dilution

FCMB has rolled out aggressive fundraising campaigns since 2024, including:

• N144.56 billion raised in an oversubscribed 2024 public offer
• An increase in its capital raise ceiling from N150 billion to N340 billion
• A further jump to N370 billion in a November 14 filing
• Conversion of a $15 million mandatory convertible loan into equity
• An ongoing 2025 public offer targeting N160 billion, also expected to attract strong subscriptions

Now, with a proposed ceiling of N400 billion, shareholders fear that the influx of new shares could significantly dilute earnings per share unless the bank delivers proportionate returns.

Investor groups warn that although recapitalisation is necessary to meet the Central Bank of Nigeria’s (CBN) deadline, FCMB’s shifting targets signal planning gaps that could weaken trust in management decisions.

Market Performance

FCMB’s share price closed at N10.70 on Friday, November 21, 2025, after reaching a year-high of N11.85 in August. The stock has gained 13.8% year-to-date.

With a market capitalization of N458 billion, FCMB has recorded 2.23 billion traded shares valued at N23.6 billion across more than 45,000 deals so far this year.

Regulatory Pressure Intensifies

Banks across Nigeria are scrambling to meet the CBN’s recapitalisation timeline—one of the most aggressive in the country’s banking history. While FCMB says investor appetite is driving the upward revision, critics insist that capital plans should be clearer and more stable to prevent uncertainty in the market.

For shareholders, the biggest question remains: How much capital does FCMB truly need? And how will the new capital translate into long-term returns?

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