With six and a half months to the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, no fewer than 12 banks have successfully shored up their balance sheets, clearing the capital thresholds that will determine their place in the next phase of Nigeria’s banking evolution.
In its March 2024 directive, the apex bank raised the minimum paid-up capital for international banks to N500 billion, national banks to N200 billion, and regional banks to N50 billion.
Depending on authorisation, non-interest banks will meet N20 billion and N10 billion benchmarks. The new rules exclude retained earnings, compelling lenders to raise fresh equity, restructure, or merge.
So far, LEADERSHIP 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 crossed the finish line.
Their compliance, analysts say, reflects strong investor appetite and confidence in the sector despite Nigeria’s tight monetary environment.
Access Holdings crossed the line first, raising N365 billion through a rights issue, while Zenith Bank followed with over N350 billion in fresh equity. GTBank, in one of the boldest moves, secured N365.85 billion via a capital injection from its parent GTCO, lifting its paid-up capital from N138 billion to N504 billion.
Stanbic IBTC leveraged support from its South African parent, Standard Bank, to secure its own compliance.
Wema Bank aggressively raised N200 billion in the national tier, aided by its retail-driven ALAT digital platform.
Providus Bank also met its target, while Globus Bank crossed the N200 billion mark after raising N102 billion this year alone, though it still awaits regulatory confirmation.
The chief executive of Premium Trust Bank, Emmanuel Efe Emefienim, confirmed that the bank had crossed the hurdle.
He said, “Exceeding the N200 billion capital requirement is a defining moment. This achievement in just three years reflects our performance and the trust of shareholders and regulators.”
PremiumTrust, which began operations in 2022, says the capital buffer will allow it to expand lending to infrastructure and the agriculture sector, which the Nigerian government has identified as critical for growth.
Among specialised institutions, Greenwich Merchant Bank secured its capital position through injections and debt-to-equity conversions.
In the non-interest category, Jaiz Bank and Lotus Bank have both cleared their thresholds, reinforcing their presence in Islamic and alternative banking.
Premium Trust Bank also joined the compliant list after surpassing its capital requirement.
The implications of these capital raises go beyond regulatory box-ticking. Well-capitalised banks now have more headroom to expand credit into infrastructure, energy, and manufacturing sectors critical to Nigeria’s $1 trillion economy target.
Market appetite has rewarded early movers. Fidelity Bank’s share price rose more than 1,100 per cent between 2020 and 2025, Wema’s jumped nearly ten-fold, while Access, Zenith, and Stanbic posted steady appreciation, underscoring growing investor confidence.
As the deadline approaches, UBA is working towards meeting its target, extending its rights issue to September 19.
Meanwhile, FirstBank, Fidelity, FCMB, and Sterling are still in the market seeking fresh capital through private placements, asset sales, or offshore injections.
Industry watchers say the recapitalisation exercise is progressing more smoothly than expected.
Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, noted that “most are moving in line with their capital plans, and many are even ahead of schedule.
“Encouragingly, most of the funds have come from Nigerians, not foreign investors. Out of the roughly N4 trillion required, about N3 trillion has already been raised, largely from domestic investors.”
Presently, the only mergers and consolidations in play are the proposed marriage between Providus Bank and Unity Bank, and Union Bank and Titan Trust. However, it is believed that more mergers will come into play before the deadline.
