FCMB Capital Markets

What FCMB Capital Markets does

FCMB Capital Markets Limited is a Nigerian investment banking firm incorporated on 4 April 2002 and registered with the Securities and Exchange Commission (SEC) Nigeria as an Issuing House. It is a wholly owned subsidiary of FCMB Group Plc, a publicly registered Nigerian financial services holding company, and traces its operating heritage through City Securities Limited (formed 1977) and First City Monument Bank Limited (established 1983). The firm is headquartered on the 6th Floor, First City Plaza, 44 Marina, Lagos, Nigeria.

The company operates three core product lines: Financial Advisory (corporate and financial restructuring, mergers and acquisitions, disposals and divestments, independent business valuation, financial modelling, and debt restructuring); Capital Raising (initial public offerings, rights issues, private placements, corporate bonds, government bonds, convertible bonds, commercial paper, and asset-backed securities); and Project and Structured Finance (loan syndications, energy and mining finance, real estate finance, and bespoke structured debt solutions). It serves large Nigerian corporates, financial institutions (banks, insurers, pension managers), government and public institutions, and — through the FCMB-TLG Private Debt Fund — mid-sized Nigerian companies across agriculture, clean energy, education, healthcare, IT/technology, and transport/logistics.

Revenue is generated on a transaction-fee and advisory-fee basis: arrangement fees on debt and equity capital markets transactions calculated as a percentage of value, mandated lead arranger fees on project finance and loan syndications, and fixed or success-based advisory fees on M&A and restructuring mandates. Distribution is exclusively through direct enterprise sales with bespoke, relationship-driven engagement rather than product-led or self-serve channels. In 2025 the firm ranked #1 on the FMDQ Securities Exchange Fixed Income Primary Markets Sponsors' League Table, arranging N1.53 trillion in corporate debt capital through bond listings and commercial paper quotations, capturing 11.66% of total bond listings and 7.68% of commercial paper quotations.

Name

FCMB Capital Markets

Legal name

FCMB Capital Markets Limited

Website

https://fcmbcapitalmarketsng.com

Company type

Private

Founded year

2002

Operating status

Operating

Short description

FCMB Capital Markets Limited is a Nigerian investment banking firm and wholly owned subsidiary of FCMB Group Plc, providing financial advisory, debt and equity capital raising, and project and structured finance services to large corporates, financial institutions, and government entities in Nigeria.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Commercial Paper (CP) & Money Market Issuance (FSACABAH), Money Markets & Short-Term Funding (T-Bills, CP, CDs) (FSACAEAG)

Keywords

• Investment banking services
• Capital markets advisory
• Debt capital raising
• Project finance syndication
• Mergers and acquisitions advisory

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D, Others

Revenue model

1. Advisory Fees: Financial advisory fees charged for M&A transactions, corporate restructuring, business valuation, and debt restructuring engagements. Fees are typically fixed per engagement or success-based.
2. Capital Markets Arrangement Fees: Fees earned for structuring and arranging debt and equity capital market transactions including bond issuances, commercial paper, IPOs, and rights issues. Revenue is generated through arrangement fees calculated as a percentage of transaction value.
3. Project and Structured Finance Mandates: Mandated Lead Arranger fees for project finance transactions, loan syndications, and structured debt solutions. Typically earns fees for structuring, arranging, and syndicating financing for large infrastructure and corporate projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

FCMB Capital Markets is an SEC-registered Issuing House providing investment banking services in Nigeria. It structures and executes financial advisory engagements (corporate restructuring, M&A, valuation, debt restructuring), arranges debt and equity capital market transactions (IPOs, rights issues, private placements, corporate and government bonds, commercial paper, asset-backed securities), and provides project and structured finance (loan syndications, energy and power finance, real estate finance) for corporates, financial institutions, and government entities.

Product overview

FCMB Capital Markets is an investment banking subsidiary of FCMB Group Plc providing a unified suite of financial services. The firm operates three core product lines: Financial Advisory (corporate restructuring, M&A, valuation, debt restructuring), Capital Raising (equity and debt capital markets including IPOs, bonds, commercial paper), and Project & Structured Finance (loan syndications, energy/power finance, real estate finance). The portfolio also includes specialized products like the Legacy USD Bond Fund and the FCMB-TLG Private Debt Fund (Nigeria's first Naira-denominated private debt fund). These offerings work together to provide comprehensive advisory and execution capabilities to domestic and multinational clients seeking to structure, finance, and execute transactions in the Nigerian capital markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Financial Advisory Comprehensive advisory services covering corporate restructuring, financial restructuring, mergers & acquisitions, disposals and divestments, independent business valuation, financial modelling for projects, and debt restructuring. Designed for large corporates, financial institutions, and government entities in Nigeria.
• Capital Raising Debt and equity capital raising including Initial Public Offers (IPOs), Rights Issues, Private Placements, Private Equity Investments, Asset Backed Securities, Corporate Bonds, Government Bonds, Convertible Bonds, and Commercial Paper. FCMB Capital Markets acts as Issuing House and arranges transactions on FMDQ Securities Exchange.
• Project & Structured Finance Financing solutions for large and medium-sized projects including loan syndications, mining and energy finance (oil & gas, power, mining), real estate finance, and other structured debt solutions. FCMB Capital Markets acts as Mandated Lead Arranger and Technical Bank.
• Legacy USD Bond Fund Financial Adviser and Issuing House services on the Initial Public Offer of the Legacy USD Bond Fund, with $6.11 million raised in April 2018. Targeted at investors seeking USD-denominated fixed income exposure in Nigeria.
• FCMB-TLG Private Debt Fund Nigeria's first Naira-denominated Private Debt Fund, with a N100 billion programme size approved by SEC. Invests in debt of mid-sized Nigerian companies across Agriculture, Clean Energy, Education, Healthcare, IT/Technology, and Transport/Logistics sectors aligned with UN Sustainable Development Goals. Distributed by FCMB Asset Management to Qualified Institutional Investors and High Networth Individuals.

Quantifiable outcome

• N1.53 trillion in corporate debt capital raised in 2025, ranking #1 on FMDQ League Table
• +3 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Vetiva Capital Management: Nigerian investment banking and asset management firm providing securities trading, DCM, ECM, and advisory services. Comparable in scale and target client base, frequently appearing on the same league tables.
• Chapel Hill Denham: Independent Nigerian investment banking firm focused on DCM, ECM, and M&A advisory. Direct competitor for issuing house mandates, bond listings, and capital raising among mid-to-large Nigerian corporates.
• Ecobank Capital: Pan-African investment banking platform of Ecobank Group providing DCM, ECM, M&A, and project finance across West Africa including Nigeria. Directly comparable on cross-border and large-cap Nigerian mandates.
• Afrinvest Capital: Nigerian investment banking and advisory firm offering DCM advisory, equity capital markets, and corporate finance. Comparable mid-sized local IB focused on Nigerian issuers and project finance.
• United Capital: Nigerian financial services group offering investment banking, securities trading, asset management, and trustees. Comparable as a domestic full-service IB competing on FMDQ and NSE for DCM, ECM, and advisory mandates.
• Rand Merchant Bank Nigeria: Nigerian investment banking operation of FirstRand's RMB, offering DCM, advisory, and structured finance. Comparable on project finance, loan syndications, and corporate advisory for Nigerian corporates.
• Coronation Capital: Nigerian financial services firm offering investment banking, asset management, and securities services. Comparable on DCM mandates and Nigerian mid-to-large cap advisory engagements.
• Stanbic IBTC Capital: Nigerian investment banking arm of Standard Bank Group offering DCM, ECM, M&A advisory, and project finance. Direct competitor in the same league tables (FMDQ, NSE) and serves an overlapping client base of large Nigerian corporates and government entities.
• FBNQuest Capital: Investment banking subsidiary of FBN Holdings, providing DCM advisory, equity capital markets, M&A, and structured finance in Nigeria. Directly comparable in scale, parent-group backing, and product suite, frequently competing on the same mandates.

Broad incumbents

• Citigroup Nigeria: Global investment bank with Nigerian operations providing DCM, ECM, M&A, and treasury services. Competes for large-cap and cross-border mandates involving Nigerian corporates and government entities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FCMB Capital Markets