FCMB Group Plc has secured a national banking licence for its flagship subsidiary, First City Monument Bank, following the completion of a major capital raise that lifted the lender above the minimum requirement for domestic banking operations.
The development comes as the Central Bank of Nigeria (CBN) disclosed that 20 deposit money banks have now met the revised capital requirements under the ongoing banking sector recapitalisation programme.
The disclosure was made on Thursday by the Deputy Governor, Economic Policy, CBN, Dr Muhammad Abdullahi, at the launch of the 2026 Macroeconomic Outlook of the Nigerian Economic Summit Group in Lagos.
The figure marks an increase from the 16 banks earlier reported by CBN Governor, Olayemi Cardoso, at the final Monetary Policy Committee meeting of 2025, where he noted that several lenders had already achieved full compliance ahead of the deadline.
Under the revised framework, banks with international licences are required to maintain a minimum paid-up capital of N500bn, while those operating nationally must meet a N200bn threshold.
Regulatory filings show that FCMB crossed the national requirement after successfully completing a N147.5bn public offer in 2024, enabling it to secure the national banking licence and continue domestic operations as the recapitalisation process unfolds.
With the 31 March 2026 deadline approaching, the national licence provides operational continuity for the group while it works toward meeting the higher capital threshold for an international licence.
FCMB has since set its sights on expanding its operational scope, launching a N160bn capital raise in late 2025 and securing shareholder approval for an additional capital-raising programme of up to N400bn, subject to regulatory approvals.
If completed, the fresh inflows would lift the group above the N500bn benchmark, positioning it for an international banking licence.
Tier-one lenders 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 expected to retain national licences.
Market analysts say the differing strategies reflect variations in capital strength, risk appetite and timing rather than regulatory pressure, noting that the main risk for lenders is missing the deadline, not the speed of capital accumulation.
For FCMB, analysts describe the international licence as optional rather than existential, arguing that the national licence guarantees continuity, while an international licence would offer greater strategic flexibility and growth opportunities.
PwC, in its 2026 economic outlook, noted that while banking sector recapitalisation will shape the industry this year, evolving fintech and digital finance frameworks, alongside secondary listings by major banks on international exchanges, are boosting cross-border investor confidence.
