FCMB Group Plc said it has completed the banking recapitalisation exercise, having raised the required capital for an international bank, ahead of the March 2026 deadline.
The lender said it has received “requisite approvals” from regulatory authorities, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).
According to the Lagos-based lender, it was able to meet the regulatory threshold through a public offer, which raised approximately N231.8 billion in gross proceeds, and the minority divestment of approximately 10 percent of the issued share capital of FCMB Pensions Limited, which raised an additional N11.0 billion.
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“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised N500 billion minimum capital requirement for an international banking licence,” the bank said in a filing with the Nigerian Exchange on Monday.
“This is based on verified eligible capital (paid-up share capital and share premium) of N266.5 billion as at 31 December 2025.”
Nigeria’s banking sector recapitalisation drive has gained significant traction, with 30 banks already meeting the new minimum capital requirements while three lenders are still undergoing regulatory verification, the CBN said on Friday.
Read also: CBN says 30 banks meet capital threshold, three undergoing verification
The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks with international authorisation, N200 billion for national banks, and N50 billion for regional banks. For non-interest banks, the thresholds are N20 billion (national) and N10 billion (regional).
The 24‑month compliance window ends on March 31, 2026, a regulation that’s triggering a wave of equity issuances, merger talks, and balance sheet restructuring across the sector.
The recapitalisation echoes a 2004 exercise under then-CBN governor Charles Soludo, which forced banks to raise capital to N25 billion from N2 billion. That consolidation cut the number of lenders from 89 to 25 and paved the way for stronger players to emerge.