FCMB Group is close to meeting the N500 billion recapitalisation target required for an international banking licence, according to sources familiar with the matter.
Reliable sources within the Central Bank of Nigeria (CBN) confirmed the development, as banks continue efforts to comply with the regulator’s new capital requirements ahead of the deadline.
The move comes at a time when several Tier One lenders have already secured approvals under the revised framework, intensifying competition within the banking sector.
FCMB had initially announced in 2024 that it planned to raise N340 billion. In 2025, the group increased the target to N370 billion. By November, it further revised its capital-raising plan upward to about N400 billion.
When combined with the N125.2 billion capital base it held in 2023, the financial services group appears set to surpass the N500 billion threshold required to obtain international banking status.
The recapitalisation drive reflects broader efforts within the Nigerian banking industry to strengthen balance sheets, enhance financial stability, and position institutions for expanded regional and global operations.
