With just about 100 days to the March 31, 2026 recapitalisation deadline set by the Central Bank of Nigeria (CBN), no fewer than 16 banks have already met the required capital thresholds, marking a major milestone in Nigeria’s ongoing banking sector reform.
The recapitalisation exercise, which is one of the most ambitious banking reforms in over a decade, is aimed at strengthening financial stability, boosting banks’ lending capacity and positioning the sector to better support Nigeria’s economic transformation.
So far, the financial institutions that have met the capital requirement for the licence categories under which they operate are:
- Access Holdings (Access Bank)
- Zenith Bank
- United Bank for Africa (UBA)
- GTBank (Guaranty Trust Bank)
- Ecobank Nigeria
- Stanbic IBTC
- Wema Bank
- Jaiz Bank
- Lotus Bank
- Providus Bank
- Greenwich Merchant Bank
- PremiumTrust Bank
- Sterling Bank
- Globus Bank
- Citibank Nigeria
- Nova Bank
This brings the number of banks that have successfully crossed their recapitalisation targets to 16.
Capital Requirements and Deadline
Under the CBN framework, the minimum capital requirements are:
- International banks: ₦500 billion
- National banks: ₦200 billion
- Regional and merchant banks: ₦50 billion
- Non-interest banks: ₦10–20 billion
All banks are expected to comply fully before March 31, 2026.
CBN Speaks on Progress
Speaking at the U.S.-Nigeria Executive Business Roundtable held in Washington D.C. this week, CBN Governor, Mr. Olayemi Cardoso, said the country was now in the final phase of its most significant banking sector strengthening effort in over a decade.
“Nigeria is now in the final phase of its most significant banking-sector strengthening effort in over a decade. The recapitalisation programme is designed to safeguard financial stability, expand banks’ capacity to lend, and ensure the financial system is able to underpin Nigeria’s broader economic transformation,” Cardoso said.
He added:
“We’re making good progress. Sixteen banks have already met or exceeded the new capital thresholds, while 27 have raised capital through public offers, rights issues, private placements, and mergers.”
According to him, industry-wide stress tests have also confirmed that the banking system remains fundamentally sound.
“With about four months to the March 2026 deadline, our focus is on ensuring orderly completion, maintaining strong supervisory oversight, and emerging with a banking sector that is more shock-resistant, more transparent, and better positioned to lend into Nigeria’s growth story,” Cardoso stated.
“These efforts in the banking sector are complemented by broader macroeconomic and foreign exchange reforms that have been central to Nigeria’s recovery,” he added.
Others Still Racing Against Time
Several other lenders, including Fidelity Bank and FCMB Group, are still at various stages of capital raising and regulatory verification but remain optimistic about meeting the deadline.
FCMB Group, in particular, confirmed progress on multiple fronts.
“We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December,” the group said.
It added:
“Subject to CBN capital verification (currently ongoing), shareholder approval and the required regulatory consents, we are positioned to deliver the N500 billion capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited.”
