FCMB Group Plc has secured a national banking licence for its flagship banking subsidiary, First City Monument Bank, after completing a major capital raise, allowing the lender to continue domestic operations while it works toward meeting the N500bn capital threshold required for an international licence under Nigeria’s banking sector recapitalisation programme.

This development comes to light as the Central Bank of Nigeria on Thursday revealed that 20 deposit money banks have already met the new capital requirements under the ongoing banking recapitalisation programme.

This was disclosed by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Muhammad Abdullahi, at the launch of the 2026 Macroeconomic Outlook of the Nigerian Economic Summit Group in Lagos.

This is an increase from the figure provided by the governor of the Central Bank of Nigeria, Olayemi Cardoso, at the last Monetary Policy Committee meeting of 2025, where he disclosed that 16 banks had achieved full compliance with the revised capital requirements, ahead of the deadline.

Under the new minimum capital requirement, banks operating with international licences are required to maintain a minimum paid-up capital of N500bn, while national banks must meet a N200bn threshold.

Regulatory filings indicated that FCMB crossed the national requirement following the successful completion of a N147.5bn public offer in 2024, enabling it to secure the national licence for its banking subsidiary.

The move places the group ahead of the minimum requirement for domestic banking operations and provides operational continuity as the recapitalisation process unfolds, albeit with the 31 March 2026 deadline drawing closer.

With a national licence secured, the financial holding company is now targeting the international licence benchmark through further capital-raising initiatives. These include a N160bn offer launched in late 2025 and a shareholder-approved capital raising programme of up to N400bn, subject to regulatory approvals.

If completed, the additional funds would lift FCMB above the N500bn threshold, expanding its operational scope beyond national borders.

Tier-one banks like 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, while lenders 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 divergence in approaches underscores differences in capital strength, risk appetite and timing rather than regulatory pressure, with the key risk being missing the deadline rather than the pace at which capital is raised.

For FCMB, analysts say the outcome remains optional rather than existential. The national licence ensures business continuity, while securing an international licence would enhance strategic flexibility and growth prospects.

PwC in its 2026 economy outlook asserted that while the banking sector recapitalisation would shape the sector this year, it would also mandate and “evolving frameworks for fintech and digital financial services are further drawing institutional interest, while secondary listings by major banks on international exchanges demonstrate growing cross-border investor engagement and confidence.”