At least five Nigerian banks have successfully met the Central Bank of Nigeria’s (CBN) new capital requirements ahead of the March 2026 deadline, signalling strong early momentum in the banking sector’s recapitalisation drive.
The banks, Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank, have all reached the respective thresholds set out by the apex bank in March 2024.
The CBN directive mandates commercial banks with international licences to raise their capital base to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion. Non-interest banks must meet capital floors of ₦20 billion (national) and ₦10 billion (regional).
Access Bank became the first tier-1 lender to hit the ₦500 billion mark after Access Holdings completed a ₦351 billion rights issue, raising the bank’s capital to ₦600 billion.
Similarly, Zenith Bank raised ₦350.4 billion through a rights issue and public offer, pushing its share capital to ₦614.65 billion, ₦114.65 billion above the required threshold.
Ecobank Nigeria, a national lender, has also achieved compliance, with Fitch Ratings confirming the bank only required a minor capital injection.
However, it still falls short of its 10 per cent capital adequacy ratio but has further capital-raising plans underway. Its parent company, Ecobank Transnational Incorporated, bolstered its position with a successful $125 million tap from its existing $400 million notes.
In the non-interest segment, Lotus Bank reported that its capital had already surpassed the ₦20 billion benchmark even before the CBN’s directive.
Likewise, Jaiz Bank confirmed compliance following the listing of ₦10.04 billion from a private placement on the Nigerian Exchange.
With less than a year until the deadline, several other banks have intensified their recapitalisation efforts. Guaranty Trust Holding Company (GTCO) recently entered the international capital market to raise $100 million, following a ₦209 billion public offer in July 2024.
The group plans to complete its recapitalisation of GTBank Nigeria, aiming to list its shares on the London Stock Exchange’s Main Market and delist its Global Depository Receipts (GDRs) from the UK Financial Conduct Authority’s Official List.
First Bank Holdings (First HoldCo) has also announced plans to raise ₦350 billion through private placement by Q2 2025, targeting a total paid-up capital of ₦748 billion.
According to Afrinvest Research, Fidelity Bank, FCMB, Sterling Bank, Stanbic IBTC, and United Bank for Africa (UBA) still have a combined funding gap of ₦733.70 billion. Wema Bank appears poised to meet the national bank requirement with a ₦150 billion rights issue and special placement.
Meanwhile, some institutions—including Union Bank, Polaris Bank, and Keystone Bank, now under government control via the CBN—have not yet made their recapitalisation plans public.
Unity Bank, in merger talks with Providus Bank, has secured a ₦700 billion financial accommodation from the CBN. However, the merged entity will need additional capital to maintain its national banking licence.
For tier-3 banks such as Globus Bank, Nova Bank, Titan Trust Bank, and others, mergers and acquisitions (M&As) appear to be the most likely path to meeting CBN requirements. Fitch Ratings has reiterated that M&As or licence downgrades are increasingly probable among smaller banks.
However, foreign-owned banks like Standard Chartered and Citibank Nigeria are seen as better positioned due to support from their international parent companies.
Analysts remain cautiously optimistic about the sector. Afrinvest projects continued capital-raising momentum in the second half of 2025, driven by improved earnings and strategic balance sheet management.
CardinalStone also expects the CBN’s stricter oversight such as the directive on exiting forbearance loans before dividend payments—to promote stronger asset quality and financial resilience.
With regulatory pressure mounting and investor sentiment improving, Nigeria’s banking sector appears on course for a significant transformation by the time the recapitalisation window closes in March 2026.
