FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has seen its national scale long-term and short-term issuer ratings upgraded by GCR Ratings. The long-term rating moved to A(NG) from A-(NG), and the short-term rating to A1(NG) from A2(NG).
The outlook on these ratings remains stable, reflecting the asset manager’s consistent earnings growth, disciplined liquidity, and market leadership.
GCR attributed the upgrade to FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group Plc. The rating agency highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite, and robust distribution network as key drivers of its standalone strength.
These factors are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet. GCR noted that FCMBAM's competitive position is bolstered by “its relatively long track record, strong brand franchise, established product and geographical distribution network, and cross-selling opportunities.”
As of 31 December, 2025, FCMBAM ranks among the top five asset managers in Nigeria, holding an estimated 5% share of a fragmented market.
The company’s financial performance underpinned the upgrade, with revenue growing by 30% and operating cash flow increasing by 13%. This enabled the business to be fully funded without recourse to debt. Liquidity strengthened further, with liquidity sources-vs-uses improving to 5.0x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58%.
Mr. James Ilori, Chief Executive Officer of FCMB Asset Management Limited, commented on the upgrade, stating, “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle.”
He added that it speaks to the strength of their membership of FCMB Group Plc and a culture that adheres to local and global standards of risk management and capital stewardship. Mr. Ilori affirmed FCMBAM’s intention to lead the industry in a new era of higher capital thresholds and rising investor expectations, ahead of regulatory timelines, in digital transformation, and in client outcomes.
FCMBAM is committed to delivering globally aligned investment solutions that support capital preservation, income generation, and long-term capital growth, all underpinned by rigorous risk management and governance standards.
Established in 1997, FCMB Asset Management Limited manages a suite of Collective Investment Schemes, including the FCMBAM Money Market Fund, FCMBAM Debt Fund, FCMBAM Equity Fund, FCMBAM USD Bond Fund and FCMB-TLG Private Debt Fund. It also provides discretionary and non-discretionary portfolio management mandates tailored to high-net-worth and institutional clients. The company is registered and regulated by the Securities and Exchange Commission, Nigeria, and is a member of FCMB Group Plc.
