FCMB Group is close to meeting its N500 billion recapitalisation target required for an international banking licence, according to sources familiar with the matter.
Reliable sources within the Central Bank of Nigeria (CBN) confirmed the development to Nairametrics.
The move comes as banks race to comply with the CBN’s new capital requirements ahead of the regulatory deadline, with several Tier One lenders already securing approvals.
The financial services group had initially announced in 2024 that it planned to raise N340 billion, before increasing the target to N370 billion in 2025.
In November, it further disclosed plans to increase the capital ceiling to about N400 billion.
When combined with the N125.2 billion capital it held in 2023, the group appears set to surpass the N500 billion threshold required for international banking status.
What the data is saying
Nairametrics checks reveal that the group currently has a share capital of N288.8 billion, according to its 2025 full-year interim financial statement.
- It also has another N46.6 billion in Additional Tier 1 Capital, bringing total qualifying capital to N335 billion, leaving about N165 billion required to meet the threshold
- The financial services group appears to be on track to meet its recapitalisation target following the recently concluded public offer, through which it raised over N200 billion.
- Nairametrics also understands that the bank is likely to receive another N10 billion from a divestment in one of its subsidiaries.
- These figures provide a snapshot of its progress toward meeting the recapitalisation benchmark set by the apex bank.
Combined, the group would have raised about N400 billion in fresh capital, which would take its total capital base to approximately N525 billion, based on Nairametrics’ analysis.
A source at the CBN confirmed that the apex bank has received details of the latest public offer proceeds announced by the lender and is currently reviewing the submission.
- “The bank is undergoing verification,” the source said.
- “We do not have any reason to believe they will not achieve the international banking licence status.”
The verification process is part of the CBN’s final compliance checks before granting full approval under the new capital regime.
What you should know
The CBN has disclosed that about 19 banks have met their recapitalisation targets across different licence categories, reflecting significant progress in the sector-wide capital raise.
Several Tier One lenders have already secured regulatory approvals, while others await final clearance following verification.
- Access Corporation, GTCO, Zenith Bank Plc and First Holdco have met their recapitalisation targets and secured CBN approvals. United Bank for Africa has also met its target but is awaiting final approval.
- United Bank for Africa raised N178.3 billion, which, when added to its N355 billion capital base, brings its total capital above the N500 billion minimum required for Tier One banks with international licences.
- FCMB, Fidelity Bank, Sterling Bank, Stanbic IBTC and Wema Bank have also met their recapitalisation targets and are awaiting CBN approval under the ongoing verification exercise.
- The CBN recently directed holding companies to ensure that their total capital exceeds the combined capital of all their subsidiaries, in line with Section 7.1 of the Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria.
As of August 2025, GTBank’s capital base stood at over N504 billion, comfortably above regulatory thresholds, while GTCO disclosed that a recent N10 billion capital raise was undertaken to comply with holding company capital computation rules.
FCMB’s 2025 full-year interim financial statement shows a pre-tax profit of N176.9 billion, compared to N73.3 billion as of December 2024.
The bank’s total assets rose to N7.5 trillion from N7 trillion in 2024, while net assets stood at N823.4 billion, including N335.4 billion in share capital.
These figures underline the group’s strengthened financial position as it moves closer to securing international banking status, subject to final regulatory approval.
