With just six months left before the March 2026 deadline, only six of the thirteen deposit money banks listed on the Nigerian Exchange have met the Central Bank of Nigeria’s (CBN) recapitalisation requirements.
The recapitalisation drive, announced in March 2024, compels banks to strengthen their capital base in line with their licence category. The new thresholds are:
- ₦500 billion for banks with international authorisation.
- ₦200 billion for banks with national authorisation.
- ₦50 billion for banks with regional authorisation.
- ₦20 billion for non-interest banks with national licences.
- ₦10 billion for non-interest banks with regional licences.
The policy aims to ensure a stronger, more resilient banking sector capable of supporting Nigeria’s economic growth and withstanding external shocks.
Banks that have met the target
As of September 2025, the six banks that have crossed the recapitalisation threshold are:
- Jaiz Bank
- Wema Bank
- Stanbic IBTC
- Guaranty Trust Bank (GTBank)
- Zenith Bank
- Access Bank
Access Bank leads Tier-1 lenders
Access Bank became the first of the Tier-1 institutions to reach the ₦500 billion capital requirement for international banks. It achieved this milestone after completing a rights issue that raised about ₦351 billion, bringing its share capital and share premium to ₦594.90 billion from ₦251.81 billion in 2023.
Other Tier-1 banks are still in the process of raising funds through rights issues, public offers, mergers, or other capital injection strategies.
Banks yet to meet the target
The following seven listed banks still have work to do to reach the CBN’s recapitalisation threshold:
- First Bank of Nigeria Holdings (FBNH)
- United Bank for Africa (UBA)
- Fidelity Bank
- Union Bank
- Sterling Bank
- Unity Bank
- Ecobank Nigeria
These banks are currently pursuing a mix of fundraising strategies — including rights issues, public offers, capital injections, and potential mergers — to meet the requirement ahead of the March 2026 deadline.
Outlook
Analysts predict an active six months ahead for the financial sector, with heightened investor activity, fresh capital inflows, and possible consolidation among mid-tier and smaller banks. The CBN has reiterated that there will be no deadline extension, putting pressure on the remaining banks to accelerate their recapitalisation plans.
