Nigerian lender FCMB meets $360 million capital requirement, secures international banking license

First City Monument Bank Limited (FCMB), the flagship banking unit of Lagos-based FCMB Group Plc, has met the Central Bank of Nigeria’s revised minimum capital requirement of N500 billion ($360 million) for an international banking license. This positions FCMB to expand its operations beyond Nigeria while complying fully with the apex bank’s recapitalization rules.

The milestone follows the successful completion of FCMB’s capital-raising program. The group has now obtained all necessary regulatory approvals from the Central Bank of Nigeria, the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).

Combined fundraising meets $360 million target

These approvals cover its 2025 public offer, which generated N231.8 billion ($166 million) in gross proceeds, and the minority divestment of roughly 10 percent of FCMB Pensions Limited, which raised an additional N11.0 billion ($7.9 million).

Together, the public offer and minority divestment provided sufficient capital for FCMB to meet the N500 billion ($360 million) threshold. As of December 31, 2025, verified eligible capital, including paid-up share capital and share premium, stood at N266.5 billion ($190 million).

FCMB net profit more than doubles

Founded in 1982 by Nigerian banking pioneer Otunba Subomi Balogun, FCMB has grown into one of Nigeria’s established financial groups, serving retail, corporate, and institutional clients. Under Group CEO Ladi Balogun, the bank has diversified its income sources while keeping a strong focus on its core banking operations.

The group closed its 2025 financial year with a sharp rise in earnings, reflecting stronger income from its core banking business despite higher costs and credit losses. Net profit more than doubled to N176.9 billion ($126.5 million) from N73.3 billion ($52.4 million) a year earlier.

Profit before tax rose to N200.9 billion ($144 million), compared with N111.9 billion ($80 million) in 2024. Gross earnings increased to N1.126 trillion ($804 million), up from N794.43 billion ($568 million), driven by higher interest income and a broader revenue base.

Shareholders’ equity and retained earnings rise

The earnings growth translated into balance-sheet expansion. Total assets rose to N7.54 trillion ($5.4 billion) from N7.05 trillion ($5.04 billion), while shareholders’ equity climbed to N823.4 billion ($589 million) from N688.98 billion ($493 million). Retained earnings reached N309.2 billion ($221 million), up from N188.4 billion ($134 million).

Looking ahead, FCMB expects continued improvement in 2026. For the first quarter, it projects profit after tax of N62.55 billion ($44.7 million), up from N28.77 billion ($20.5 million) in the same period last year, with pretax profit forecast at N74.45 billion ($53.2 million), compared with N31.34 billion ($22.4 million) in Q1 2025.