FCMB Clears National Capital Threshold, Sets Sights on International Expansion

Nume Ekeghe

FCMB Group Plc has successfully secured a national banking licence for its flagship subsidiary, following a major capital raise that ensures uninterrupted domestic operations. The move, it said in a statement, positions it to pursue the higher capital requirements necessary for international status under Nigeria’s ongoing banking sector recapitalisation programme.

The development comes as the Central Bank of Nigeria’s (CBN) recapitalisation drive, launched in 2024, continues to highlight contrasting strategies among lenders ahead of the March 31, 2026 deadline.

Under the revised framework, banks seeking international licences must maintain a minimum paid-up capital of N500 billion, while national banks are required to hold at least N200 billion.

Regulatory filings show that FCMB crossed the national threshold after completing a N147.5 billion public offer in 2024, enabling it to secure the national licence for its banking operations.

A spokesperson for the group noted, “Securing the national licence places FCMB ahead of the minimum requirement for domestic operations and ensures continuity as the recapitalisation process progresses. The group is now preparing for the next phase, targeting the international licence through additional capital-raising initiatives.”

These initiatives include a N160 billion offer launched in late 2025 and a broader shareholder-approved programme of up to N400 billion, subject to regulatory approvals. If completed, the additional capital would place FCMB above the N500 billion benchmark, expanding its operational reach beyond Nigeria’s borders.

The recapitalisation programme is reshaping the sector more broadly, driving mergers, asset divestments, and strategic realignments. Smaller lenders are increasingly choosing regional or niche licences, while non-interest banks have largely met their capital obligations.