With less than 52 working days remaining before the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, Nigerian banks are intensifying efforts to meet newly-revised capital requirements. The recapitalisation drive, launched to strengthen the resilience and capacity of the country’s banking sector, is now in its crucial final phase.
According to recent statements by CBN officials, at least 20 banks have already met the new minimum capital thresholds, with several others in the process of raising funds. CBN Governor Olayemi Cardoso earlier confirmed that 16 banks had met their targets, while Deputy Governor (Economic Policy), Dr. Muhammad Abdullahi, affirmed that not fewer than 20 banks had now hit the required capital levels following the final clearance of recent capital raisings by institutions including United Bank for Africa (UBA), Fidelity Bank and First Bank.
Nigeria’s banking sector currently comprises 44 deposit-taking banks operating under different licence categories, including international, national and regional authorisations. As the deadline approaches, banks are exploring various strategies to achieve compliance, including private equity placements, rights issues and other capital-raising mechanisms. Some institutions are also considering downgrading their licences — for example, from national to regional status — to align with their existing financial base while continuing to build capital for future growth.
According to sources familiar with the recapitalisation process, the CBN is preparing to roll out “conclusive plans” for the resolution of a small number of banks that may not meet the new requirements. One bank with a strong legacy in southwestern Nigeria is reportedly being considered for reclassification from a national to a regional bank. Meanwhile, others are contemplating similar repositioning to manage regulatory expectations and maintain operations.
Under the recapitalisation framework introduced in March 2024, the CBN revised minimum capital requirements for banks. Commercial banks with international authorisation must now maintain a minimum capital base of ₦500 billion, while banks with national licences must hold at least ₦200 billion. Regional banks are required to have a base of ₦50 billion, with merchant and non-interest banks subject to tiered minimums.
All newly raised capital must be subject to capital verification by a tripartite committee comprising the CBN, the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC) before it can be added to a bank’s capital base. This verification process aims to ensure the quality and authenticity of funds raised during the recapitalisation exercise.
Market analysts note the significant progress made compared to past recapitalisation cycles, such as in 2004–2005, when several banks were forced into mergers or exit due to failure to meet capital benchmarks. Observers remain confident that the sector will navigate the current exercise with minimal disruption, given the momentum and proactive strategies adopted by many banks.
Here is a list of banks reported to have met the new Central Bank of Nigeria (CBN) capital requirements — the ones most commonly cited among the 20 that have crossed the recapitalisation threshold ahead of the March 31, 2026 deadline: Banks That Have Met CBN Recapitalisation Requirements1. Access Bank – International licence (capital > ₦500bn)
2. Zenith Bank – International licence
3. First Bank of Nigeria (First HoldCo/First Bank) – International licence
4. Guaranty Trust Bank (GTBank / GTCO) – International licence
5. United Bank for Africa (UBA) – International licence
6. Fidelity Bank – International licence
7. Wema Bank – National licence
8. Citibank Nigeria – National licence
9. Ecobank Nigeria – National licence
10. Globus Bank – National licence
11. Stanbic IBTC Bank – National licence
12. PremiumTrust Bank – National licence
13. Providus Bank – National licence (merged with Unity Bank)
14. FSDH Merchant Bank – Merchant bank
15. Greenwich Merchant Bank – Merchant bank
16. Nova Bank – Merchant bank
17. Rand Merchant Bank – Merchant bank
18. Jaiz Bank – Non-interest bank
19. Lotus Bank – Non-interest bank
20. TAJBank – Non-interest bank ✅
It’s noteworthy that the list is compiled from available industry reports on banks that have publicly completed capital raisings or are confirmed as compliant with the CBN’s new minimum capital thresholds.