FCMB nears N500bn recapitalisation for international licence
FCMB Group is on track to meet its N500 billion recapitalisation target required for an international banking licence, according to Central Bank of Nigeria (CBN) sources. The financial services group currently holds N335 billion in qualifying capital (N288.8bn share capital + N46.6bn Additional Tier 1 Capital), needing approximately N165 billion more to reach the threshold. Recent public offer raised over N200 billion, with an additional N10 billion expected from subsidiary divestment. Combined with 2023 capital, total capital would reach approximately N525 billion. CBN has received verification details and confirms no reason to doubt international licence approval. This follows sector-wide progress with 19 banks meeting recapitalisation targets, including Access Corp, Zenith Bank, and First Holdco. FCMB's 2025 interim report shows N176.9bn pre-tax profit and N7.5 trillion total assets.