I write with joy as an alumnus of the FCMB Group.
I have just seen a report that suggests that they have met the statutory requirement for their capital
They hit the N500b mark and retained their international banking license
In a report that I have seen, the Bank raised this capital through four major routes
A 2025 Public Offer which threw into their coffers N231. 8b
A previous Public Offer had raised N144. 6b in July 2024
Minority divestment realised N11b from a stake sale in FCMB Pension Limited
Other instruments gave them N22. 7b
As a result, it plans to go on the continent as part of a dedicated expansion programme.
My excitement is gleaned from my two meetings with Otunba Subomi Balogun the vision holder and one of Nigeria’s most important bankers
Let me digress and say at this point that as a young Investment Banker Otunba Balogun and Albert Okumagba formed the inspirational duo who drove my aspirations in the space
I worked for Albert and later worked for Otunba at the later part of my career so a sit-down with Otunba which was a rarity for most was something you grabbed
The kernel of our talk was mostly his succession plan as a cornerstone of the propagation of his vision in the financial space
He spoke about his deliberate strategy of pushing ‘my boys’ through the works while also identifying strong talent for grooming and enrichment.
From those two meetings, it was clear that his succession planning was as important to him as his growth plans for the Bank
And it’s true, why drive a keyman risk, when you can not only diffuse power but also institutionalise a sure-fire quality replacement with a hope to ensure multi-generational longevity
The biggest family-owned companies in the world have achieved this very seamlessly with leadership moving away from biological reins to non-biological leadership who now run the business along very strict corporate governance ethos
The remarkable thing about this N500b is not only the fact that it was raised but the strengthening of his vision of building a financial monument that would not only outlive him but also endure
FCMB have transitioned from biological leadership to non-biological leadership, diffused its holdings pulling in over 100,000 shareholders with a motley collage of Institutional investors all coming in to form an influential institution
In conclusion, Nigeria has a few century-old companies – First Bank, Royal Exchange and a few Law firms with the very majority of our firms dying with their founders or staying for a little bit before they totally disappear.
What we are seeing with FCMB is a strong possibility that it would cross this crucible to the envy of all and in utter salutation to the memory of one man – Otunba Michael Subomi Balogun
Thanks
Duke of Shomolu
Last modified: March 14, 2026
