With less than three weeks to the deadline for the Central Bank of Nigeria’s (CBN) bank recapitalisation programme, at least 31 lenders have met the new capital thresholds, while two others are reportedly awaiting final verification.
The recapitalisation exercise, which began in 2024, is designed to strengthen banks’ resilience and position them to support Nigeria’s economic growth.
Under the new rules, commercial banks with international licences must maintain a minimum capital base of N500 billion, while national banks require N200 billion and regional banks N50 billion. For non-interest banks, the thresholds are N20 billion (national) and N10 billion (regional).
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The 24-month compliance window ends March 31, 2026, triggering a wave of equity issuances, private placements, mergers, and balance-sheet restructuring across the banking sector.
The current exercise mirrors the landmark 2004 banking consolidation under then CBN Governor Charles Soludo, which raised minimum capital from N2 billion to N25 billion and reduced the number of banks from 89 to 25, creating stronger financial institutions.
Banks that have met the new capital rules
International banks
- Access Bank – Raised N351 billion via a rights issue; paid-up capital now N602.8 billion, exceeding the requirement by N102.8 billion.
- Zenith Bank – Raised over N350 billion through rights issues and public offers; capital now about N614 billion.
- First HoldCo (First Bank) – Met the N500 billion threshold through a rights issue, private placement, and divestment proceeds from its merchant banking subsidiary.
- GTCO – Capital raised through a multi-tranche equity programme, boosting GTBank’s paid-up capital to over N504 billion.
- UBA – Raised N178.3 billion in a rights issue after a N239 billion capital injection earlier, lifting capital above the regulatory minimum.
- Fidelity Bank – Eligible capital increased to N564.5 billion following a private placement and earlier public offer.
National banks
- Wema Bank – Raised N150 billion via rights issue; awaiting final regulatory verification.
- Citibank Nigeria – Confirmed it has met the N200 billion capital requirement.
- Standard Chartered Bank Nigeria – Achieved the threshold through support from its UK parent company.
- Ecobank Nigeria – Also confirmed compliance with the new capital requirement.
- Alpha Morgan Bank – Said the recapitalisation has been confirmed by the CBN.
- Globus Bank – Raised capital in phases, pushing its capital base above N200 billion.
- Sterling Bank / The Alternative Bank – Parent company injected N153 billion through private placement and rights issue.
- FCMB Group – Met the requirement through a N231.8 billion public offer and 10% divestment in FCMB Pensions.
- Optimus Bank – Reportedly increased its paid-up capital to N200 billion.
- Stanbic IBTC – Raised N200 billion through a rights issue and parent company capital injection.
- PremiumTrust Bank – Surpassed the N200 billion threshold after completing rights issue and private placement.
- Providus Bank – Achieved compliance through a strategic merger with Unity Bank, the first approved merger under the recapitalisation programme.
Other banks that have met the requirement
- SunTrust Bank Nigeria – Capital increased to about N51.1 billion, exceeding the N50 billion benchmark.
- Tatum Bank – Confirmed compliance with the CBN recapitalisation requirements.
Merchant banks
- FSDH Merchant Bank
- Greenwich Merchant Bank
- Nova Merchant Bank
- Quest Merchant Bank
- Rand Merchant Bank
Other licensed banks
- Parallex Bank
- Signature Bank
Non-interest banks
- Jaiz Bank
- Lotus Bank
- TAJBank
The ongoing recapitalisation is expected to reshape Nigeria’s banking landscape through mergers, acquisitions, and stronger capital buffers as lenders race to meet the March 31, 2026, deadline.
BusinessDay
