FCMB Group Plc has secured a national banking licence for its flagship banking subsidiary following the completion of a major capital raise, positioning the lender to sustain domestic operations while working towards meeting the requirements for an international banking licence under Nigeria’s ongoing recapitalisation programme.
The development comes amid the Central Bank of Nigeria’s (CBN) banking sector recapitalisation exercise introduced in 2024, which requires banks with international licences to maintain a minimum paid-up capital of N500 billion, while national banks must meet a N200 billion threshold by March 31, 2026.
Regulatory filings show that FCMB met the national capital requirement after successfully completing a N147.5 billion public offer in 2024. The capital raise enabled the group to secure the national licence, ensuring operational continuity during the recapitalisation process.
With the national requirement met, FCMB is now pursuing the higher capital benchmark for an international banking licence. The group launched an additional N160 billion capital raise in late 2025 and has also obtained shareholder approval to raise up to N400 billion, subject to regulatory approvals.
If completed, the additional capital would push FCMB’s paid-up capital above the N500 billion threshold, allowing the group to expand its operations beyond national borders.
Several tier-one lenders, including Access Bank, Zenith Bank, Guaranty Trust Bank, United Bank for Africa, Fidelity Bank and First Bank of Nigeria, have already announced transactions that place them above the international capital requirement.
Other lenders, such as Stanbic IBTC Holdings and Wema Bank, are expected to retain national licences, reflecting differences in balance-sheet strength and strategic focus.
Market analysts say the varying approaches highlight differences in capital strength, risk appetite and execution timing rather than regulatory pressure.
One fund manager noted that the recapitalisation framework allows flexibility, adding that the primary risk lies in failing to meet the deadline.
The recapitalisation exercise is also reshaping Nigeria’s banking landscape through mergers, asset sales and strategic realignments. Smaller lenders are increasingly opting for regional or niche licences, while non-interest banks have largely met their capital requirements.
Market observers believe that the national licence secures FCMB,s business continuity, while an international licence would enhance long-term growth prospects and strategic flexibility as the recapitalisation programme enters its final phase.
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