First City Monument Bank (FCMB) said the half a trillion naira it requires to meet recapitalisation conditions in Nigeria and retain its international banking permit is in the bag as its capital raise programme winds down.
Equity capital for the mid-tier lender has received a significant boost, with N231.8 billion sourced from a public share sale last year, FCMB Group, the parent, stated in a Monday note to the Nigerian Exchange.
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In the same vein, a sum of N11 billion, proceeds from the group’s sale of a minority interest of nearly 10 per cent in FCMB Pensions Limited, has further beefed up the pool of capital the lender needs to fulfil the minimum requirements ahead of the deadline this month.
“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,” FCMB Group stated.
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“This is based on verified eligible capital (paid-up share capital and share premium) of ₦266.5 billion as at 31 December 2025.”
Lenders in Nigeria are stepping up a last-minute push to heed a directive of the Central Bank of Nigeria (CBN) two years ago to strengthen capital buffers that will support President Bola Tinubu’s dream of a $1 trillion economy by 2030.
Banks with international authorisation have had their minimum core capital requirement raised tenfold from the N50 billion set by the regulator during its last recapitalisation in 2004.
So far, 30 banks across different licensing categories are home and dry, the CBN said last Friday. In all, 33 lenders have tapped extra capital through a mix of initial public offerings, rights issues and private placements, it added.
Those unable to raise the required capital independently are likely to explore options such as mergers as a last-minute measure. AMCON-backed Unity Bank, for instance, is at the advanced phase of its business combination with Providus Bank.
SME-focused FCMB, which runs a subsidiary in the UK, said it has approvals in place from the CBN, the Securities and Exchange Commission and the National Pension Commission in respect of the public offer proceeds and the divestment of its stake in FCMB Pensions.
Post-tax profit for the group jumped 141.2 per cent to N176.9 billion last year, compared to the previous year, helped by a 41.8 per cent rise in gross earnings.
It is targeting N309.6 billion in revenue and N67.9 billion in revenue for the second quarter of this year, according to an earnings forecast released on Monday, compared to N254 billion and N39.3 billion, respectively, for the same period in 2025.
