Thirty-four banks have met the Central Bank of Nigeria’s (CBN) new minimum capital requirements, just eight days before the March 31, 2026 deadline for banking recapitalisation. A provisional list indicates that all major banks with international licenses, controlling over 70 per cent of the sector, along with most national banks, have surpassed the threshold.
The recapitalisation process, regarded by experts as the most successful in Nigeria’s history, now uses qualifying capital—comprising share capital and share premium—rather than shareholders’ funds alone.
Banks exceeding the N500 billion minimum for international licenses include Guaranty Trust Holding Company (GTCO), FCMB Group, Fidelity Bank, Zenith Bank, Access Holdings, First HoldCo, and United Bank for Africa (UBA). Ten national banks have met the N200 billion requirement, including Stanbic IBTC, Wema Bank, Ecobank Nigeria, Sterling Financial, Premium Trust Bank, Standard Chartered Bank, Globus Bank, Optimus Bank, Citibank, and the Providus-Unity Bank consortium.
All four Islamic finance banks—Jaiz Bank, Lotus Bank, Taj Bank, and Sterling HoldCo’s The Alternative Bank—have met the N20 billion minimum, while regional banks such as Parallex Bank, Signature Bank, Suntrust Bank, Alpha Morgan, NOVA Bank, and Tatum Bank have achieved the N50 billion requirement.
The CBN is expected to provide updates next week on three intervention-managed banks—Polaris Bank, Keystone Bank, and Union Bank—whose recapitalisation timelines differ due to legal and structural factors. Governor Olayemi Cardoso reassured the public that depositor funds remain secure and operations continue under close supervision.
The wholesale banking sector remains stable, with most merchant banks, including Greenwich Bank, FSDH Merchant Bank, Rand Merchant Bank, Quest Merchant Bank, and Coronation Merchant Bank, meeting the N50 billion minimum.
Unity Bank confirmed that its merger with Providus Bank has reached final stages, bringing the combined capital above the N200 billion required for a national license. Integration efforts are underway, with regulatory approvals from the CBN, SEC, and other authorities completed, and final court sanction expected shortly.
Experts, including Dr. Muda Yusuf of the Centre for the Promotion of Private Enterprise, commended the current recapitalisation exercise for its minimal disruption to customers and employees compared to previous efforts.
