First City Monument Bank Group (FCMB Group) is positioned to exceed the N500 billion capital requirement mandated for a full international banking licence by the Central Bank of Nigeria (CBN). This progression reflects disciplined execution of its capital-raising strategy and aligns with regulatory deadlines, indicating strengthening financial standing.
Sources close to the process, including officials at the CBN, confirm that FCMB is approaching the target threshold necessary for international authorisation. The bank’s recapitalisation trajectory demonstrates a measured approach to meeting the apex bank’s revised capital regime, a critical benchmark for Nigerian banks operating across borders.
Under the CBN’s recapitalisation framework, deposit money banks seeking to retain or attain an international licence must secure a minimum paid-up capital of N500 billion by the March 31, 2026 deadline. Nationally-licensed banks face a lower benchmark of N200 billion.
FCMB Group’s journey toward compliance has been progressive. The institution initially targeted N340 billion in fresh capital in 2024, later revising this ambition upward in response to unfolding market and regulatory conditions. By 2025, the board increased the target to N370 billion, signalling a calibrated strategy to stay ahead of the capital shortfall.
Factoring in the bank’s existing capital base and successive public offers, industry checks indicate a robust capital build-up. Recent interim financial figures show that the group’s share capital stood at N288.8 billion for the 2025 full year. When combined with N46.6 billion in Additional Tier 1 capital, FCMB’s qualifying base approached N335 billion. That leaves an estimated gap of around N165 billion to the full N500 billion threshold.
Recent capital mobilisation through a concluded public offer contributed over N200 billion to this effort. In addition, there are indications that divestment activity in one of its subsidiaries could generate another inflow of roughly N10 billion, closing much of the remaining shortfall.
These figures reflect not only investor confidence in FCMB’s recapitalisation plans, but also a disciplined deployment of equity markets to strengthen the bank’s financial footing. The strategic sequencing of capital injections has maintained momentum even as peers accelerate their own recapitalisation drives under the CBN’s timeline.
For context, other commercial banks listed on the Nigerian Exchange have met or are close to meeting the N500 billion international benchmark through rights issues and private placements. Institutions such as UBA, Fidelity Bank, Zenith Bank, and Access Holdings are among those that have cleared the regulatory requirement. FCMB and Sterling Bank have remained among the few yet to fully close the gap, underscoring the competitive and time-sensitive nature of the recapitalisation exercise.
As the regulatory deadline draws near, FCMB’s near-term capital strategy appears aligned with Nigeria’s broader banking reform objectives, which aim to bolster sector resilience and support larger credit exposures necessary for economic growth. Its near-completion of the recapitalisation target suggests readiness to operate at a higher scale, provided final approval is secured.
