Twenty-four deposit money banks in Nigeria have successfully met the Central Bank of Nigeria’s (CBN) new recapitalisation requirements ahead of the March 31, 2026 deadline. This signals strong compliance and renewed confidence in the banking sector.
The recapitalisation exercise, unveiled by the CBN in 2024, is aimed at strengthening the financial system, improving banks’ capacity to absorb shocks, and positioning them to better support economic growth.
Under the framework, commercial banks with international authorisation are required to maintain a minimum paid-up capital of ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion, while non-interest banks are subject to specific thresholds based on their licence categories.
Findings indicate that 24 banks have already crossed the required capital levels through a mix of rights issues, public offers, private placements, retained earnings, and capital injections from parent companies.
This early compliance reflects proactive balance-sheet strengthening by most lenders despite prevailing macroeconomic pressures.
Top-tier banks with international licences dominate the list of early achievers. Access Bank raised over ₦350 billion through a rights issue, pushing its paid-up capital above ₦600 billion. Zenith Bank also exceeded the ₦500 billion mark after completing a combination of rights issues and public offers, while First Bank of Nigeria met the requirement through equity raising and strategic asset optimisation.
Other international and national banks, including Ecobank Nigeria, Sterling Bank, United Bank for Africa (UBA), GTCO, and Fidelity Bank, also met their respective thresholds. In several cases, banking groups leveraged strong shareholder backing and market confidence to conclude capital-raising exercises ahead of schedule.
Foreign-owned banks operating in Nigeria, such as Citibank Nigeria and Standard Chartered Bank Nigeria, complied with the recapitalisation rules through capital injections from their parent companies, while some regional and national lenders relied on retained earnings and targeted equity raises.
CBN Governor, Olayemi Cardoso, has consistently emphasised that the recapitalisation policy is not punitive but corrective, designed to ensure that Nigerian banks remain resilient, competitive, and capable of financing large-scale economic activities.
He noted that early compliance by a significant number of banks demonstrates the sector’s underlying strength and commitment to regulatory stability.
With just over a year to the deadline, attention is now on the remaining banks yet to fully meet the thresholds, many of which are at various stages of capital-raising plans or restructuring.
The CBN has assured stakeholders that it will continue to provide regulatory guidance while maintaining strict oversight to ensure full compliance.
The successful recapitalisation of most banks is expected to enhance investor confidence, deepen financial intermediation, and strengthen Nigeria’s banking system as a key driver of economic recovery and long-term growth.
