With fewer than 90 days remaining until the March 31, 2026, deadline set by the Central Bank of Nigeria (CBN) for banks to raise fresh capital, 19 Nigerian banks have already met the new minimum capital requirements, marking significant progress in efforts to strengthen the financial sector.
The recapitalization program, one of the most substantial banking reforms in over a decade, raises minimum paid-in capital thresholds across various licenses to enhance resilience, shock-absorption capacity, and credit creation in the banking system.
Who Has Met the Requirements
According to CBN and market data, the compliant banks include major players across all license categories:
International banks meeting the ₦500 billion minimum capital threshold:
Access Bank
Fidelity Bank
First Bank of Nigeria
Guaranty Trust Bank (GTBank)
United Bank for Africa (UBA)
Zenith Bank
National banks that crossed the ₦200 billion capital threshold:
Citibank Nigeria
Ecobank Nigeria
Globus Bank
Stanbic IBTC Bank
Sterling Bank
Wema Bank
PremiumTrust Bank
Providus Bank
Merchant banks meeting the ₦50 billion requirement:
FSDH Merchant Bank
Greenwich Merchant Bank
Nova Merchant Bank
Non-interest banks that complied with revised thresholds between ₦10 billion and ₦20 billion:
Jaiz Bank
Lotus Bank
This group of 19 compliant banks signals that substantial progress has been made, even as remaining lenders race to finalize capital-raising plans.
Context of the CBN Recapitalisation Drive
The CBN issued new minimum capital base requirements in 2024, raising them sharply to strengthen bank balance sheets and align the sector with global standards. Under the revised framework:
International commercial banks must hold ₦500 billion in paid-in capital.
National banks must hold ₦200 billion.
Regional commercial banks must raise at least ₦50 billion.
Merchant banks must meet ₦50 billion.
Non-interest banks have thresholds between ₦10 billion and ₦20 billion.
The compliance window began on April 1, 2024, and runs through March 31, 2026, giving banks options such as private placements, rights issues, mergers and acquisitions, or licence downgrades to meet the requirements.
What This Means for the Banking Sector
Analysts say early compliance by 19 banks could:
Boost investor confidence in Nigeria’s financial system.
Support larger credit creation for businesses and consumers.
Reduce systemic risk and strengthen the sector’s ability to withstand economic shocks.
Encourage mergers or strategic equity raises as remaining banks seek compliance.
Fidelity Bank’s recent capital raise, exceeding its ₦500 billion target through a private placement, highlights how market-driven capital mobilization can help lenders meet regulatory thresholds ahead of the deadline.
