FCMB Group Plc has announced that it has secured a national banking licence for its flagship subsidiary, following a significant capital raise that positions the lender for continued operations in Nigeria and prepares it for future expansion under the Central Bank of Nigeria’s (CBN) recapitalisation programme.
The development comes amid the CBN’s ongoing recapitalisation drive, launched in 2024, which requires banks to meet higher minimum capital thresholds by 31 March 2026. Under the revised framework, international banks must maintain a minimum paid-up capital of N500 billion, while national banks are required to hold at least N200 billion.
FCMB’s achievement follows the completion of a N147.5 billion public offer in 2024, which pushed the group’s capital above the national minimum threshold. This enabled the bank to obtain the national licence and continue its domestic operations without interruption.
A spokesperson for FCMB Group noted that the licence ensures continuity as the recapitalisation process progresses and places the bank ahead of the minimum requirement for domestic banking operations. The group is now focused on preparing for the next phase—securing an international licence through further capital-raising initiatives.
These initiatives include a N160 billion offer launched in late 2025, as well as a broader shareholder-approved programme of up to N400 billion, pending regulatory approvals. If fully executed, the additional capital would position FCMB above the N500 billion benchmark, enabling it to pursue international banking status and expand its operational footprint beyond Nigeria.
The CBN’s recapitalisation drive is reshaping Nigeria’s banking sector, driving mergers, asset sales, and strategic repositioning. While smaller lenders increasingly opt for regional or niche licences, non-interest banks have largely met their capital requirements, illustrating the varied approaches banks are taking to comply with the new framework.
FCMB’s successful licensing marks a key milestone in its recapitalisation journey, signaling its readiness to compete among Nigeria’s larger banks as the deadline approaches.