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FCMB Group Plc has obtained a national banking licence for its core subsidiary, First City Monument Bank, after completing a major capital raise that lifted its paid-up capital above the ₦200bn threshold. The milestone allows the bank to continue nationwide operations as it works towards meeting the higher ₦500bn requirement for an international banking licence under Nigeria’s ongoing banking sector recapitalisation programme.
The development comes as the Central Bank of Nigeria (CBN) disclosed that 20 deposit money banks have now met the revised minimum capital requirements. The update was provided by the CBN’s Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, during the launch of the Nigerian Economic Summit Group’s 2026 Macroeconomic Outlook in Lagos.
This marks an increase from the 16 banks earlier reported by CBN Governor Olayemi Cardoso at the final Monetary Policy Committee meeting of 2025, highlighting steady progress across the industry ahead of the recapitalisation deadline.
Under the new framework, banks with international licences are required to maintain a minimum paid-up capital of ₦500bn, while those operating with national licences must meet a ₦200bn benchmark.
Regulatory filings show that FCMB met the national requirement following the successful completion of a ₦147.5bn public offer in 2024, enabling it to secure the national licence for its banking subsidiary. The achievement ensures operational continuity as the sector moves closer to the 31 March 2026 deadline.
With the national licence in place, FCMB is now pursuing the international licence threshold through additional capital-raising efforts. These include a ₦160bn offer launched in late 2025, alongside a shareholder-approved programme to raise up to ₦400bn, subject to regulatory approvals. If completed, the initiatives would push the group’s capital base beyond ₦500bn and broaden its scope for cross-border operations.
Several tier-one banks—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. Others, such as Stanbic IBTC Bank, Standard Chartered Bank, Rand Merchant Bank Nigeria and Wema Bank, are widely expected to retain national licences.
Analysts note that these differing strategies reflect variations in capital strength, risk appetite and timing rather than regulatory pressure. For FCMB, the national licence provides stability, while securing an international licence remains a strategic option that could enhance long-term growth and flexibility.
PwC, in its 2026 economic outlook, said the recapitalisation exercise will significantly shape the banking sector, while evolving frameworks for fintech and digital financial services continue to attract institutional interest. The firm also pointed to secondary listings by major banks on international exchanges as evidence of growing cross-border investor confidence.
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