FCMB Shares Rise on NGX Amid Broader Banking Sector Recapitalisation
First City Monument Bank (FCMB) Group Plc has recorded sustained share price growth on the Nigerian Exchange (NGX), attracting increased attention from both retail and institutional investors.
As of 23 February 2026, FCMB’s stock traded at ₦12.35 per share, recovering significantly from its 52-week low of ₦8.35. This performance reflects growing market confidence in the group’s strategic direction and earnings Prospects.
This positive movement occurs within the context of a broader recapitalisation and strategic repositioning across Nigeria’s banking sector. Regulators have mandated increased capital thresholds for banks, prompting a wave of capital raises, mergers, and acquisitions. Investors are increasingly favouring institutions with clear growth strategies, diversified revenue streams, and resilient business models.
FCMB operates a multi-subsidiary model that includes commercial banking, consumer finance, asset management, and investment banking. This structure is often cited by analysts as providing a diversified income base, positioning the group as a stable mid-tier player in the sector.
A key point of interest for investors is FCMB’s current valuation. The bank trades at a Price-to-Book Value (P/BV) ratio of approximately 0.6x. This represents a notable discount to several peers, including Fidelity Bank (1.0x), Sterling Bank (1.0x), and Wema Bank (1.7x). The lower multiple suggests a potential valuation gap relative to comparable institutions, though such comparisons must consider each bank’s specific growth trajectory and asset quality.
The group maintains a focused strategy on key growth segments of the Nigerian economy, including Small and Medium-sized Enterprises (SME) banking, digital financial services, renewable energy financing, and initiatives targeted at women entrepreneurs, such as its SheVentures programme.
Market analysts note that while the sector-wide recapitalisation drive is creating opportunities, it also intensifies competition and underscores the importance of operational efficiency. The NGX banking index has seen varied performance, with some stocks rallying sharply on the back of successful capital raises.
FCMB’s share price activity indicates it is drawing consideration from investors assessing exposure to Nigeria’s evolving banking landscape. The bank’s progress will likely continue to be measured against its capital adequacy targets, loan book growth, and ability to monetise its diversified subsidiaries as the sector transformation progresses.
