WITH just days to the March 31, 2026 deadline, Nigeria’s banking sector has recorded a major milestone as 34 banks have successfully met the new minimum capital requirements set by the Central Bank of Nigeria.
Findings by News Point Nigeria indicate that the majority of lenders including all major banks with international licences and most national banks have scaled the recapitalisation hurdle, marking one of the most successful exercises in the country’s financial history.
A final status report from the apex bank is expected in the coming days, with officials indicating that the process is largely on track for completion within the stipulated timeline.
A provisional compliance list shows that leading financial institutions have already exceeded the N500 billion minimum capital requirement for international banking licences.
These include Guaranty Trust Holding Company (GTCO), FCMB Group, Fidelity Bank, Zenith Bank, Access Holdings, First HoldCo, and United Bank for Africa (UBA), collectively controlling a significant share of the banking industry.
Their early compliance has set the pace for the sector, reinforcing confidence in Nigeria’s financial system.
Beyond the top-tier banks, at least 10 national banks have met the N200 billion capital requirement. These include Stanbic IBTC Holdings, Wema Bank, Ecobank Nigeria, Sterling Financial Holdings Company, Premium Trust Bank, Standard Chartered Bank, Globus Bank, Optimus Bank, Citibank, and the Providus-Unity Bank consortium.
The merger between Unity Bank and Providus Bank, supported by the CBN, has reached its final stages and significantly boosted their combined capital base above the required threshold.
Regional banks including Parallex Bank, Signature Bank, Suntrust Bank, Alpha Morgan Bank, NOVA Bank, and Tatum Bank have also complied with the N50 billion requirement for their category.
In a notable development, all four non-interest banks operating in Nigeria have met the N20 billion minimum capital requirement for Islamic finance institutions.
These include Jaiz Bank, Lotus Bank, Taj Bank, and The Alternative Bank, signaling growing strength in the country’s non-interest banking segment.
There are also indications that a new entrant seeking a non-interest banking licence has already met the required capital threshold.
Nigeria’s merchant banking segment has remained largely unaffected by the recapitalisation exercise, with most institutions already meeting the N50 billion requirement.
Banks such as Greenwich Bank, FSDH Merchant Bank, Rand Merchant Bank, Quest Merchant Bank, and Coronation Merchant Bank have maintained strong capital positions throughout the process.
Speaking at the 304th Monetary Policy Committee meeting in Abuja, the CBN Governor, Olayemi Cardoso, expressed confidence that the recapitalisation exercise would be concluded within the deadline.
“And quite frankly, I expected to conclude within that stipulated time. It is expected,” Cardoso said.
He noted that while most banks have complied, a few are still finalising their plans, including exploring mergers and other strategic options.
Cardoso disclosed that the banking sector has already mobilised N4.05 trillion in verified and approved capital under the exercise.
Of this amount, a significant portion was raised domestically, while foreign investments also contributed substantially reflecting strong investor confidence in Nigeria’s banking sector.
“This balance… signals broad investor engagement and confidence in the sector,” he said.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the process has achieved remarkable results without causing disruptions to customers or job losses outcomes that contrasted with previous recapitalisation exercises.
Similarly, analysts at Agusto & Co highlighted the strong participation of domestic investors, noting that most banks have already raised the required funds and are simply undergoing regulatory verification.
Despite the impressive progress, a small number of banks are yet to complete the process, largely due to delays linked to merger arrangements and regulatory approvals.
However, officials indicated that at least two of the affected banks are expected to conclude their merger processes within days, while another is likely to meet the capital requirement before the deadline.
Three banks; Polaris Bank, Keystone Bank, and Union Bank remain under regulatory intervention and are being treated as special cases.
Cardoso explained that these institutions may not follow the same recapitalisation timeline due to legal and structural challenges.
“We remain actively engaged with all relevant stakeholders to ensure that they have an orderly and credible outcome while maintaining financial stability,” he said.
He reassured depositors that their funds remain secure and that the banks continue to operate under close regulatory supervision.
Unlike previous exercises, the current recapitalisation framework adopts stricter criteria by focusing on qualifying capital defined as share capital and share premium rather than total shareholders’ funds.
This shift has compelled banks to raise fresh capital and strengthen their financial positions, contributing to the overall resilience of the sector.
The recapitalisation exercise, first announced in March 2024, represents a significant restructuring of Nigeria’s banking industry.
By raising capital thresholds to as high as N500 billion for international banks, the CBN aims to create stronger institutions capable of supporting economic growth, withstanding global shocks, and financing large-scale projects.