FCMB Group Approaches N500bn Recapitalization Approval

FCMB Group is approaching the N500 billion recapitalization approval necessary for obtaining an international banking license, according to reliable sources within the Central Bank of Nigeria (CBN). The bank's strategy includes raising N340 billion in 2024, with an increased target of N370 billion by 2025.

As of November 2023, FCMB's current share capital stands at N288.8 billion, and the group is expected to exceed the N500 billion threshold required for international banking status. The CBN has confirmed that it has received details of the latest public offer from FCMB, which is currently under review as part of the final compliance check for regulatory approval.

The bank's total assets have risen to N7.5 trillion, with a pre-tax profit of N176.9 billion reported in its 2025 interim financial statement. This move is part of a broader trend, as 19 banks have met their recapitalization targets across various licensing categories, reflecting significant progress in the sector.