FCMB Asset Management Gets Upgrade to A(NG)/A1(NG) by GCR Ratings, Outlook Stable

GCR Ratings has upgraded FCMB Asset Management Limited (FCMBAM) to national scale long-term and short-term issuer ratings of A(NG) and A1(NG), up from A-(NG) and A2(NG). The outlook on the ratings remains stable.

The upgrade reflects the asset manager’s consistent earnings growth, disciplined liquidity, and market leadership. GCR, a leading pan-African credit rating agency, anchored the decision on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of its parent company, FCMB Group Plc.

Why GCR Upgraded FCMBAM

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.” The rating agency noted 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.

Financial Performance Underpins the Upgrade

The company’s financial performance backed the upgrade. Revenue grew by 30% and operating cash flow increased by 13%, enabling the business to be fully funded without recourse to debt. Liquidity strengthened further, with liquidity sources-versus-uses improving to 5.0x as of December 2025, from 3.6x a year earlier. 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.”

What FCMBAM Manages and Its Track Record

FCMBAM 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. Established in 1997, FCMB Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria, and is a member of FCMB Group Plc.

FCMBAM remains committed to delivering globally aligned investment solutions that support capital preservation, income generation, and long-term capital growth, underpinned by rigorous risk management and governance standards.