First City Monument Bank (FCMB) is on the verge of meeting its N500 billion recapitalisation target, a crucial step towards retaining its international banking permit. The capital raise programme, nearing its conclusion, has significantly bolstered the mid-tier lender's equity capital.

FCMB Group, the parent company, announced that N231.8 billion was secured through a public share sale conducted last year. This was further supplemented by N11 billion derived from the group's divestment of a nearly 10 per cent minority interest in FCMB Pensions Limited. These combined efforts provide sufficient capital for the bank to achieve the revised N500 billion minimum capital requirement for an international banking licence, based on verified eligible capital of N266.5 billion as at December 31, 2025.

Nigerian banks are actively working to strengthen their capital buffers in response to a directive from the Central Bank of Nigeria (CBN) issued two years ago. This initiative is designed to support President Bola Tinubu's economic ambition of achieving a $1 trillion economy by 2030. Banks holding international authorisation have seen their minimum core capital requirement increased tenfold from the N50 billion set during the last recapitalisation exercise in 2004.

The CBN has confirmed that 30 banks across various licensing categories have successfully met the new capital requirements. In total, 33 lenders have raised additional capital through a combination of initial public offerings, rights issues, and private placements. Banks that have been unable to meet the required capital independently are reportedly considering mergers as a strategic option. For instance, Unity Bank, which is backed by AMCON, is in advanced discussions for a business combination with Providus Bank.

FCMB, which focuses on Small and Medium-sized Enterprises (SMEs) and operates a subsidiary in the United Kingdom, has obtained the necessary approvals from the CBN, the Securities and Exchange Commission, and the National Pension Commission for the proceeds from its public offer and the divestment of its stake in FCMB Pensions.

The financial performance of FCMB Group has also shown robust growth. The group's post-tax profit saw a significant increase of 141.2 per cent, reaching N176.9 billion in the past year, compared to the previous year. This growth was supported by a 41.8 per cent rise in gross earnings. Looking ahead, FCMB has projected N309.6 billion in revenue and N67.9 billion in profit for the second quarter of this year, a notable increase from N254 billion in revenue and N39.3 billion in profit for the same period in 2025.