With just six and a half months remaining until the Central Bank of Nigeria’s (CBN) March 31, 2026, recapitalisation deadline, at least 12 banks have successfully strengthened their balance sheets, meeting the capital thresholds that will define their role in the next phase of Nigeria’s banking evolution.
In March 2024, the apex bank set new minimum paid-up capital requirements: N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks. Non-interest banks face benchmarks of N20 billion and N10 billion, depending on authorisation. The rules exclude retained earnings, forcing lenders to raise fresh equity, restructure, or merge.
Findings show that Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Jaiz Bank, Lotus Bank, Greenwich Merchant Bank, Premium Trust Bank, and Globus Bank have all crossed the finish line. Analysts say their compliance demonstrates strong investor confidence despite Nigeria’s tight monetary conditions.
Access Holdings led the way, raising N365 billion through a rights issue, followed by Zenith Bank with over N350 billion in fresh equity. GTBank, in a bold move, secured N365.85 billion via a capital injection from its parent, GTCO, raising its paid-up capital from N138 billion to N504 billion. Stanbic IBTC relied on support from its South African parent, Standard Bank, to achieve compliance.
Wema Bank mobilised N200 billion in the national tier, aided by its retail-focused ALAT digital platform. Providus Bank met its target, while Globus Bank surpassed N200 billion after raising N102 billion this year, pending regulatory confirmation. Premium Trust Bank CEO, Emmanuel Efe Emefienim, confirmed the bank had exceeded its N200 billion requirement, calling it “a defining moment that reflects our performance and the trust of shareholders and regulators.”
Premium Trust, which launched in 2022, says the capital buffer will enable it to expand lending to infrastructure and agriculture, sectors the government has prioritised for growth. Among specialised institutions, Greenwich Merchant Bank strengthened its position through injections and debt-to-equity conversions. In the non-interest category, Jaiz Bank and Lotus Bank have both met their thresholds, solidifying their presence in Islamic and alternative banking.
These capital raises have broader implications beyond regulatory compliance. Well-capitalised banks now have greater capacity to extend credit to infrastructure, energy, and manufacturing—sectors central to Nigeria’s $1 trillion economy goal. Early movers have been rewarded by the market: Fidelity Bank’s share price rose over 1,100 percent between 2020 and 2025, Wema Bank’s nearly tenfold, while Access, Zenith, and Stanbic IBTC posted steady gains, reflecting growing investor confidence.
As the deadline approaches, UBA is advancing its plans, extending its rights issue to September 19. FirstBank, Fidelity, FCMB, and Sterling continue seeking fresh capital through private placements, asset sales, or offshore injections.
Industry observers say the recapitalisation is proceeding more smoothly than anticipated. Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, noted that “most banks are progressing according to plan, with many ahead of schedule. Encouragingly, the majority of funds have come from Nigerian investors. Of the roughly N4 trillion required, about N3 trillion has already been raised domestically.”
Currently, the only mergers under consideration are Providus Bank with Unity Bank, and Union Bank with Titan Trust, though more consolidations are expected before the March 2026 deadline.
