With the Central Bank of Nigeria’s (CBN) March 2026 deadline approaching, only six of the 13 banks listed on the Nigerian Exchange (NGX) have met the new capital requirements: Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC.
In March 2024, the CBN mandated banks with international authorization to raise their capital base to N500 billion, national license banks to N200 billion, and regional license banks to N50 billion. Non-interest banks with national and regional authorizations must meet N20 billion and N10 billion, respectively.
Access Bank was the first Tier-1 bank to meet the N500 billion threshold for international authorization. In December 2024, Access Holdings secured approval for a N351 billion rights issue, increasing its share capital and premium to N594.90 billion in 2024, up from N251.81 billion in 2023. This added N343.092 billion and 17.773 billion new shares, raising shares outstanding from 35.55 billion to 53.318 billion.
Stanbic IBTCmet the N200 billion requirement for national banks. Its 2023 and Q1 2025 financials reported share capital and premium at N109.26 billion with 12.96 billion shares outstanding. In June 2025, a N148.7 billion rights issue added 2.944 billion shares, injecting N140 billion into the banking subsidiary, surpassing the N200 billion threshold. Shares outstanding rose to 15.90 billion. H1 2025 results, pending release, will reflect these changes.
Zenith Bank exceeded the N500 billion international license threshold, with 2024 audited accounts showing share capital and premium at N614.65 billion. Shares outstanding grew by 9.674 billion, from 31.40 billion in 2023 to 41.07 billion in 2024, as confirmed in Q1 2025 financials. H1 2025 results are awaited.
Guaranty Trust Bank (GTBank), under GTCO, also crossed the N500 billion mark. Q1 2025 financials showed share capital and premium at N346.30 billion, up from N138.19 billion in 2023, with shares outstanding increasing from 29.43 billion to 34.15 billion. A press statement on August 29, 2025, confirmed GTCO raised N365.85 billion, bringing share capital to N504.037 billion and shares outstanding to 36.426 billion, adding 6.994 billion shares. H1 2025 results will reflect full recapitalization.
Wema Bank met the N200 billion national license requirement, as announced in a September 10, 2025, press release. A N150 billion rights issue raised its qualifying capital to N214.7 billion, up from N15.127 billion in 2023, implying N199.573 billion in new capital and 8.572 billion new shares.
Jaiz Bank, the only listed non-interest bank, met the N20 billion threshold. Its H1 2025 financials reported share capital and premium at N28.67 billion, up from N18.62 billion in 2023, with a N10.05 billion injection. Shares outstanding rose from 34.54 billion to 44.59 billion, adding 10.05 billion shares.
Collectively, these six banks raised approximately N1.4 trillion in fresh capital, expanding their share base by over 55 billion units, strengthening their positions ahead of the deadline. Other banks, like UBA and First Holdco, are progressing toward compliance. UBA’s Chairman, Tony Elumelu, confirmed at the 65th AGM that the bank aims to meet the N500 billion target by Q3 2025, with its ongoing rights issue extended for more subscriptions. First Holdco’s H1 2025 financials show N398 billion in share capital and premium, with a planned private placement to meet the remaining capital needs.
