FCMB Group Plc has announced that it has successfully concluded the capital raising process required under Nigeria’s banking recapitalisation programme, positioning the bank to meet the March 2026 regulatory deadline for lenders with international licences.
The financial group said the exercise has received all necessary approvals from regulators, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (NPC).
In a statement, the institution explained that the capital was mobilised through two main transactions. A public offer generated about N231.8 billion in gross proceeds, while the sale of roughly 10 percent of the issued shares in FCMB Pensions Limited to minority investors brought in an additional N11 billion.
The lender stated that the proceeds from both transactions are adequate for the bank to comply with the revised N500 billion capital requirement applicable to commercial banks operating with international authorisation. The disclosure was made in a filing submitted on Monday to the Nigerian Exchange Limited (NGX).
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FCMB added that the computation is based on eligible capital, comprising paid-up share capital and share premium, which stood at N266.5 billion as at December 31, 2025.
Nigeria’s banking recapitalisation initiative has continued to gain momentum, with around 30 lenders already satisfying the new thresholds, while three others remain under verification by the Central Bank of Nigeria, according to an update from the regulator on Friday.
Introduced in 2024, the policy sets new minimum capital levels across the industry. Banks with international licences are required to hold N500 billion, while those with national and regional licences must maintain N200 billion and N50 billion respectively. Non-interest banks face lower requirements of N20 billion for national operations and N10 billion for regional licences.
Financial institutions were granted a 24-month compliance window, which expires on March 31, 2026. The policy has since prompted a wave of capital raising activities, merger discussions, and restructuring across Nigeria’s banking sector.
The current exercise mirrors the landmark consolidation carried out in 2004 during the tenure of former CBN governor Charles Soludo, when the minimum capital base was raised from N2 billion to N25 billion, shrinking the number of banks from 89 to 25 and strengthening the industry’s structure.
Bank recapitalisation surges on
Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said 20 deposit money banks have already met the new minimum capital requirements set by the apex bank, as total verified capital raised under the programme climbed to N4.05 trillion.
According to Cardoso, beyond the 20 banks that have fully complied with the new capital thresholds, an additional 13 institutions are at advanced stages of their capital-raising processes and are expected to conclude within the regulatory timeframe. He said the level of activity has accelerated as the deadline approaches, reflecting the seriousness with which banks are treating the exercise.
“As of February 19, 2026, the total verified and approved capital raised stands at N4.05 trillion,” Cardoso said, underscoring what he described as strong investor participation and confidence in Nigeria’s banking sector.
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Economy Post reported in January that Fidelity, Globus, Wema, Providus, Rand, Taj, Nova and FSDH Merchant banks had joined Zenith, Access, GTCO, UBA, FirstHoldco, among others, in the list of deposit money banks that had met the recapitalisation requirements. FCMB now joins the list of the banks that have met the requirements.
A breakdown of the figure shows that N2.90 trillion, representing 71.67 percent of the total, was mobilised domestically. The remaining US$706.84 million — equivalent to approximately N1.15 trillion or 28.33 percent — came from foreign sources.
The CBN governor noted that this mix of domestic and international funding signals broad-based support for the recapitalisation programme and growing confidence in the resilience and long-term prospects of Nigeria’s financial system.
