As the March 31, 2026 deadline set by the Central Bank of Nigeria (CBN) draws closer, concerns are mounting within Nigeria’s financial sector over the ability of some lenders to meet the new minimum capital requirements introduced under the ongoing banking recapitalisation exercise.
Industry data and regulatory disclosures indicate that while several banks have successfully raised fresh capital through rights issues, private placements and strategic investments, 13 banks are still struggling to fully comply with the CBN’s revised thresholds for their respective licence categories.
Background
Under the new framework, the CBN raised minimum capital bases to strengthen the banking system, improve resilience, and support larger economic activities. The benchmarks include ₦500 billion for international commercial banks, ₦200 billion for national banks, ₦50 billion for regional and merchant banks, with separate thresholds for non-interest banks.
Out of Nigeria’s 33 licensed banks, 20 have reportedly met the requirements, leaving the institutions listed below racing against time to close their capital gaps.
Full List: 13 Banks Yet to Fully Meet Recapitalisation Requirements
Commercial Banks
- Unity Bank Plc
- Keystone Bank Limited
- Polaris Bank Limited
- FCMB Group Plc
- Union Bank of Nigeria
Regional / Smaller Commercial Banks
- SunTrust Bank Nigeria Limited
- Parallex Bank Limited
- Optimus Bank Limited
Merchant Banks
- Coronation Merchant Bank
- Rand Merchant Bank Nigeria
- FBNQuest Merchant Bank
Non-Interest (Islamic) Banks
- TAJBank Limited
- The Alternative Bank
What This Means
Banking analysts warn that institutions unable to meet the recapitalisation deadline may be forced to explore mergers, acquisitions, licence downgrades, or other regulatory interventions. However, the CBN has maintained that the exercise is not designed to punish banks, but to create a stronger, more stable financial system capable of supporting Nigeria’s long-term economic growth.
For customers, regulators insist that deposits remain safe, as the CBN continues close supervision of affected banks while capital-raising efforts are ongoing.
As the deadline approaches, all eyes remain on whether these 13 lenders can mobilise sufficient capital in time—or whether Nigeria’s banking landscape is set for another round of consolidation.