FCMB Hits CBN’s Recapitalisation Target, Joins Nigerian Banks Ahead of March 31, 2026 Deadline
- FCMB Group Plc meets CBN’s capital requirements, securing its national banking licence amidst industry-wide recapitalisation efforts
- Twenty banks now compliant with CBN's new capital rules, reflecting accelerated progress ahead of the March 2026 deadline
- FCMB aims for international expansion, targeting N500 billion capital benchmark while maintaining stability with national licence
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FCMB Group Plc has joined the growing list of Nigerian banks that have met the Central Bank of Nigeria’s new capital requirements, following the successful recapitalisation of its flagship subsidiary, First City Monument Bank.
The move allows the lender to retain its national banking licence and continue full domestic operations as the industry-wide recapitalisation deadline draws closer.
Source: Twitter
The development comes amid fresh confirmation from the CBN that 20 deposit money banks have already achieved compliance under the ongoing banking sector recapitalisation programme.
CBN confirms rising compliance numbers
The update was disclosed on Thursday by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Muhammad Abdullahi, at the launch of the Nigerian Economic Summit Group’s 2026 Macroeconomic Outlook in Lagos.
According to Abdullahi, the number of compliant banks has risen from 16, as earlier announced by CBN Governor Olayemi Cardoso at the final Monetary Policy Committee meeting of 2025.
The increase signals accelerating progress across the sector as banks race to meet regulatory thresholds ahead of the March 31, 2026, deadline.
Under the revised framework, banks with international licences must maintain a minimum paid-up capital of N500 billion, while national banks are required to meet a N200 billion threshold.
FCMB secures national licence
Regulatory filings show that FCMB crossed the national capital requirement following the successful completion of a N147.5 billion public offer in 2024. The capital raise enabled First City Monument Bank to secure a national banking licence, ensuring business continuity within Nigeria while broader recapitalisation efforts continue.
With this milestone, FCMB is comfortably positioned above the minimum requirement for domestic operations, reducing near-term regulatory risk as the deadline approaches.
Eyes on international expansion
While the national licence provides stability, FCMB has not ruled out a broader international footprint.
The financial holding company is actively targeting the N500 billion capital benchmark required for an international licence through additional capital-raising initiatives.
These include a N160 billion offer launched in late 2025, as well as a shareholder-approved capital raising programme of up to N400 billion, subject to regulatory approvals.
If fully executed, the combined inflows would lift FCMB above the international threshold, unlocking cross-border expansion opportunities.
Diverging strategies across the banking sector
Several tier-one banks, including Access Bank, Zenith Bank, Guaranty Trust Bank, United Bank for Africa, Fidelity Bank and First Bank of Nigeria, have already announced transactions placing them above the international capital requirement.
Others, such as Stanbic IBTC Bank, Standard Chartered Bank, Rand Merchant Bank Nigeria and Wema Bank, are widely expected to retain national licences.
Analysts note that the differing strategies reflect variations in capital strength, risk appetite and timing, rather than regulatory pressure.
The primary risk, they argue, lies in missing the deadline, not the speed at which capital is raised.
Outlook for banks and investors
For FCMB, analysts describe the outcome as optional rather than existential. The national licence guarantees operational continuity, while securing an international licence would enhance long-term flexibility and growth prospects, according to a Punch report.
Source: Twitter
PwC, in its 2026 economic outlook, said the recapitalisation drive will significantly shape the banking sector, while evolving fintech frameworks and increased cross-border listings are attracting stronger institutional and international investor interest.
March 31 countdown: See which Nigerian banks are safe
Legit.ng previously reported that the race to meet the CBN's banking recapitalisation deadline has entered its most decisive phase.
With just weeks to March 31, 2026, the Nigerian banking sector is undergoing one of its most aggressive capital restructurings in decades.
Contrary to widespread claims that only 19 banks have complied, industry data shows a far more advanced level of readiness.
Source: Legit.ng
