FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings (GCR), a leading pan-African credit rating agency. The outlook on the ratings remains stable.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group Plc. GCR 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 are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network, and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated 5% share of a fragmented market, as at 31 December, 2025.
The company’s financial performance underpinned the upgrade, with revenue growing by 30% and operating cash flow increasing by 13%, enabling 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%.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management Limited, Mr James Ilori, said: “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. It speaks to the strength of our membership of FCMB Group Plc and to a culture that holds itself to local and global standards of risk management and capital stewardship. As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front — ahead of regulatory timelines, ahead in digital transformation, and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
