With less than three weeks to the March 31, 2026 deadline set by the Central Bank of Nigeria (CBN) for banks to meet new capital requirements, the apex bank has disclosed that 30 financial institutions have already complied with the recapitalisation directive.
In a statement issued on Friday and signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the regulator said the recapitalisation programme was progressing steadily, noting that many banks had already achieved the required capital thresholds for their respective operating licences.
According to the statement, 33 banks have successfully raised additional capital through various channels including rights issues, Initial Public Offerings (IPOs), and private placements as part of the ongoing exercise.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily as 30 banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the statement said.
The CBN added that the capital positions of other institutions were currently undergoing routine verification, stressing that the process would be completed before the recapitalisation timeline expires.
“The Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” the bank stated.
The apex bank also assured that it would continue close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
The recapitalisation programme was introduced in 2024 by the Central Bank of Nigeria to strengthen the resilience, stability and long-term capacity of the banking sector to support Nigeria’s economic growth.
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Under the new framework, banks were required to meet revised capital thresholds depending on the scope of their operations. Financial institutions seeking international banking licences must maintain a minimum capital base of N500 billion, while those with national licences must raise N200 billion.
Regional banks are required to maintain N50 billion, while merchant banks must also hold a minimum capital of N50 billion.
For non-interest banks, those operating nationally must have N20 billion, while regional non-interest banks require N10 billion.
Banks that have successfully met the ₦500 billion capital requirement for international banking operations include:
Zenith Bank; Access Bank; First Bank of Nigeria; Guaranty Trust Bank (GTCO); United Bank for Africa; Fidelity Bank.
Banks in this category can operate internationally and establish offices outside Nigeria, including major financial centres such as the United Kingdom and the United States.
Financial institutions that have met the ₦200 billion capital threshold for national banking operations include: Ecobank Nigeria; Stanbic IBTC Bank; Sterling Bank; Wema Bank; Citibank Nigeria; Standard Chartered Bank Nigeria; Globus Bank; PremiumTrust Bank; Providus Bank; FCMB Group
These institutions can operate across all parts of Nigeria, but are not permitted to conduct international banking operations outside the country.
The recapitalisation exercise also affects non-interest banking institutions, including: Jaiz Bank; Lotus Bank; TAJBank; AltBank; Merchant Banks;
Merchant banks required to maintain N50 billion capital base include: FSDH Merchant Bank; Greenwich Merchant Bank; Nova Merchant Bank; Rand Merchant Bank
Industry consolidation has also emerged as a strategy for some institutions to meet the new capital threshold.
For instance, Providus Bank is currently finalising a merger with Unity Bank, a move expected to create a stronger institution capable of meeting the N200 billion national banking licence requirement.
Similarly, Union Bank of Nigeria is in the process of merging with Titan Trust Bank, a transaction that would enable the combined entity to attain the required capital level for national operations.
Some banks are still working to meet the recapitalisation requirement. These include: Keystone Bank; SunTrust Bank Nigeria; Coronation Merchant Bank; FBNQuest Merchant Bank; Alpha Morgan Bank; Optimus Bank; Polaris Bank; Signature Bank Limited; Tatum Bank Limited
Financial analysts say the recapitalisation programme could trigger consolidation and stronger competition in the banking sector.
Banking analyst Johnson Chukwu noted that the exercise would enhance the ability of banks to finance large-scale infrastructure and industrial projects.
“Higher capitalisation improves the risk-bearing capacity of banks and positions them to support major investments in sectors like energy, manufacturing and infrastructure,” he said.
Similarly, economist Bismarck Rewane said the policy would ultimately lead to a stronger and more resilient banking system.
According to him, “Some banks may merge or restructure, but that is a normal part of financial sector reforms. The key objective is to build institutions strong enough to support Nigeria’s growing economy.”
Industry observers also note that no bank is expected to lose its licence outright, as the most likely outcomes for struggling institutions include mergers, acquisitions, or licence downgrades.