FCMB Hits ₦500bn Capital Target Ahead of CBN Recapitalisation Deadline

FCMB Group has exceeded central bank mandate for international lenders by amassing over N500 billion in capital well before the end-March deadline, following a series of fundraising initiatives.

The financial institution raised N231.8 billion through public share offerings and an additional N11 billion from selling a 10 percent stake in its pensions unit, pushing its verified eligible capital to N266.5 billion by the close of 2025.

This surpasses the Central Bank of Nigeria’s N500 billion requirement for banks with international licenses, part of a broader recapitalisation drive launched in 2024 to fortify the sector against economic pressures like inflation and naira volatility.

FCMB’s efforts included a N147.5 billion offer in 2024 to secure a national license and a subsequent N160 billion raise late last year, under a shareholder-approved plan allowing up to N400 billion in fresh funds.

The bank obtained clearances from regulators including the Securities and Exchange Commission and National Pension Commission.

In a filing with the Nigerian Exchange Limited, FCMB stated: “This accomplishment not only ensures continuity for our international operations but also strengthens our capacity to support Nigeria’s economic growth through enhanced lending and innovative financial services.”

The policy requires varying thresholds: N200 billion for national banks, N50 billion for regional ones, and N20 billion or N10 billion for non-interest institutions. To date, 30 lenders have complied, with three more under review, positioning early achievers like FCMB for advantages in areas such as trade finance and cross-border transactions.