FCMB Meets CBN’s N500 Billion Recapitalisation Target, Set to Open Branches Overseas

• FCMB Group Plc meets ₦500 billion capital requirement for international banking expansion
• Capital raised through a public offering and share divestment strengthens FCMB's financial position
• Successful recapitalisation positions FCMB to support global banking operations and economic growth in Nigeria

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

FCMB Group Plc has successfully met the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for banks operating with an international banking licence, positioning the financial institution for further global expansion.

The Group confirmed the development in a regulatory filing submitted to the Nigerian Exchange, noting that its banking subsidiary, First City Monument Bank Limited, completed a capital raising programme designed to comply with the apex bank’s revised capital framework.

The move places FCMB among a small group of Nigerian banks authorised to operate internationally, a status that allows lenders to open branches abroad and expand cross-border banking services.

Capital Raised through public offering and divestment

According to the statement signed by FCMB Group’s Chief Executive Officer, Ladi Balogun, the capital injection was achieved through two major financial transactions.

The first was the Group’s 2025 Public Offer, which raised approximately ₦231.8 billion in gross proceeds from investors.

The second was the minority divestment of about 10 per cent of the issued share capital of FCMB Pensions Limited, which generated an additional ₦11 billion.

Together, the transactions provided the funds needed to bridge the gap between the bank’s existing capital base and the Central Bank’s new threshold for lenders operating internationally.

Balogun explained that the combined financial effort has significantly strengthened the bank’s position within Nigeria’s competitive banking sector.

“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” he said.

Strong capital base supports international ambitions

FCMB disclosed that its verified eligible capital base, comprising paid-up share capital and share premium, stood at about ₦266.5 billion as of December 31, 2025.

The newly raised funds, combined with the existing capital, enabled the bank to fully comply with the Central Bank’s recapitalisation requirement for lenders holding international authorisation.

Meeting this threshold is crucial because banks with international licences are expected to maintain stronger balance sheets capable of supporting global operations and large-scale financing.

With the recapitalisation milestone now completed, FCMB is expected to intensify its expansion plans, including the possibility of opening branches or representative offices in foreign markets.

Nigerian banks with international banking licences

Nigeria currently has a small number of banks authorised by the Central Bank to operate internationally. These lenders typically maintain offices or subsidiaries in multiple countries and play a major role in cross-border trade financing.

Banks in this category include Access Bank, Zenith Bank, United Bank for Africa (UBA), First Bank of Nigeria, Guaranty Trust Bank, and Fidelity Bank.

With the latest capital raise, FCMB has strengthened its position as a member of this elite group of globally active Nigerian lenders.

Industry analysts say banks with international licences are better positioned to support Nigerian businesses expanding abroad and to attract foreign investment into the country.

Strategic milestone for FCMB

The successful completion of the capital programme represents a major milestone for FCMB Group as it seeks to remain competitive in Nigeria’s rapidly evolving banking sector.

The Group also expressed appreciation to regulators and investors for their support of the process.

“FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone,” the statement said.

With its strengthened capital base and international banking status intact, FCMB is now positioned to expand its global footprint while continuing to support economic growth and financial inclusion in Nigeria.

Full list of 33 banks operating in Nigeria

Legit.ng earlier reported that Nigeria’s banking sector is steadily approaching a major regulatory milestone as lenders race to meet the recapitalisation targets set by the Central Bank of Nigeria (CBN).

The apex bank has confirmed that 30 banks have already met the revised minimum capital requirements, while 33 institutions have raised fresh funds through rights issues, Initial Public Offerings (IPOs), and private placements as part of the ongoing programme.

The recapitalisation exercise, which began in 2024, is aimed at strengthening the banking system, improving resilience to economic shocks, and positioning financial institutions to support Nigeria’s long-term economic growth.

Source: Legit.ng