Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary. This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over ₦240 billion, which exceeds the minimum requirement for a national banking license.  Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.