FCMB Group Plc has successfully met the Central Bank of Nigeria’s (CBN) revised minimum capital requirement of N500 billion for banks with international authorisation, marking a key milestone in the ongoing industry-wide recapitalisation drive.
In a statement filed with the Nigerian Exchange (NGX) on Monday, Group Chief Executive Ladi Balogun confirmed that First City Monument Bank Limited, the group’s core banking subsidiary, has received all necessary approvals from the CBN, Securities and Exchange Commission (SEC), and National Pension Commission (PenCom).
The capital raise was executed through a combination of two major transactions:
– A 2025 public offer that generated gross proceeds of approximately N231.8 billion.
– A minority stake divestment of about 10% in FCMB Pensions Limited, which brought in an additional N11.0 billion.
These inflows, together with the bank’s existing eligible capital base of N266.5 billion (paid-up share capital and share premium as of December 31, 2025), have pushed the institution comfortably above the new regulatory threshold.
“The combined effect of the public offer and the minority divestment provides sufficient capital for the Bank to meet the revised N500 billion minimum capital requirement for an international banking licence,” Balogun said in the statement.
The achievement comes as Nigerian lenders race to comply with the CBN’s ambitious recapitalisation programme, aimed at strengthening the banking sector’s resilience, deepening financial intermediation, and supporting larger-scale lending to the real economy.
FCMB’s completion of the exercise positions it among the early movers in the international authorisation category, allowing the bank to retain its global reach, pursue cross-border opportunities, and continue expanding services to corporate, retail, and SME clients.
The group extended gratitude to regulators, investors, shareholders, and other stakeholders for their support throughout the process. “We appreciate the continued confidence of our investors and the guidance of regulatory authorities in helping us achieve this important milestone,” the statement added.
With the capital buffer now in place, FCMB is expected to focus on leveraging its strengthened balance sheet to drive growth, enhance digital offerings, and contribute more robustly to Nigeria’s economic recovery and development agenda in the months ahead.
