Lagos, Nigeria – FCMB Group is close to meeting its N500 billion recapitalisation target required for an international banking licence, with the Central Bank of Nigeria currently reviewing the lender’s latest capital raise, according to sources familiar with the matter.
Okay News reports that the financial services group has raised over N200 billion through a recently concluded public offer, bringing its total qualifying capital to approximately N335 billion when combined with existing share capital and additional Tier 1 capital. A source at the CBN confirmed that the apex bank has received details of the public offer proceeds and is currently conducting verification, adding that there is no reason to believe the bank will not achieve international banking licence status.
The group had initially announced plans in 2024 to raise N340 billion before increasing the target to N370 billion in 2025 and later to about N400 billion in November. 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. Nairametrics also understands that the bank is likely to receive another N10 billion from a divestment in one of its subsidiaries, which would take its total capital base to approximately N525 billion.
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 including Access Corporation, GTCO, Zenith Bank, and First Holdco have already secured regulatory approvals. FCMB, Fidelity Bank, Sterling Bank, Stanbic IBTC, and Wema Bank have also met their targets and are awaiting CBN approval under the ongoing verification exercise.
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, underlining the group’s strengthened financial position as it moves closer to securing international banking status. The verification process represents the final compliance checks before full approval under the new capital regime, with the CBN’s March 2026 deadline approaching.
