With the March 31, 2026, regulatory deadline looming, nineteen Nigerian banks have successfully fortified their capital bases in alignment with the Central Bank of Nigeria’s (CBN) new minimum requirements.
The recent elevation of First Bank of Nigeria, Fidelity Bank, and FSDH Merchant Bank to the status of fully recapitalised entities brings the industry closer to a total transition, leaving a diminishing window of less than 90 days for the remaining institutions to bolster their buffers.
The current momentum follows a robust performance in the preceding year, during which sixteen financial institutions across various licensing categories—commercial, merchant, and non-interest—secured their standing. This early cohort included tier-one heavyweights such as Access Holdings, Zenith Bank, GTBank, and United Bank for Africa (UBA), alongside niche players like Jaiz Bank, Lotus Bank, and Greenwich Merchant Bank.
Business Remarks earlier reported that, in March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity.
Industry analysts are projecting a flurry of activity in the coming weeks, with expectations that a significant number of the remaining lenders will formalise their capital injection plans before the close of January. The drive for compliance has triggered a wave of rights issues, public offers, and private placements, as banks race to insulate themselves against potential downgrades or forced mergers by the apex regulator.
Among the institutions that had previously validated their capital standing are Sterling Bank, Nova Bank, Citibank Nigeria, and Globus Bank, as well as newer entrants like PremiumTrust Bank and Providus Bank. The successful inclusion of FSDH Merchant Bank recently highlights that the recapitalisation fever is not limited to retail giants but is equally pervasive across the merchant banking segment, where capital adequacy remains a critical prerequisite for handling high-value corporate mandates.
As the financial system prepares for the final 90-day countdown, the focus shifts to the few remaining stragglers. Experts maintain that the CBN’s stringent stance is intended to birth a more resilient banking sector capable of supporting Nigeria’s ambition for a one-trillion-dollar economy. For the lenders yet to cross the finish line, the next three weeks will be a defining period that determines their survival in the post-recapitalisation era.
CBN Governor, Olayemi Cardoso had late last year confirmed the progress of banks in their race to meet the deadline.
Cardoso had stated that “several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline.”
He disclosed that 27 banks had accessed the capital market through public offers and rights issues, with 16 already meeting or exceeding the new benchmarks, adding that beyond headline figures, stress tests conducted in 2025 showed that the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.
