Thirty financial institutions comply with central bank's capital requirements just nineteen days before cutoff date

As of today, 12th March 2026, a total of 30 banks out of 35 operating in the country have fulfilled the Central Bank of Nigeria's recapitalisation requirement, according to findings by Vanguard.

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The remaining five banks have a 19-day window to meet the deadline, which is set to expire on 31st March 2026.

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Notably, two banks, Union Bank and Unity Bank, have already entered into merger arrangements, thereby satisfying the recapitalisation requirement.

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The recapitalisation programme was initially announced in November 2023 and later formalized through CBN directives published on March 28, 2024.

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This programme mandates each bank category to hold capital proportionate to its operational scope, with specific thresholds set for different categories.

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International commercial banks, for instance, must increase their capital from N50 billion to N500 billion, while national commercial banks must raise theirs from N25 billion to N200 billion.

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Regional commercial banks, on the other hand, are required to reach a minimum capital of N50 billion, up from the previous N10 billion.

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Non-interest banks have been assigned thresholds of N20 billion for national licenses and N10 billion for regional licenses.

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This is not the first time Nigeria has undertaken a major banking sector recapitalisation, as a similar exercise was conducted in 2004.

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In 2004, the CBN increased capital levels from N2 billion to N10 billion for regional banks, to N25 billion for national banks, and to N50 billion for international banks, resulting in sector consolidation and a reduction in the number of banks from 89 to 25.

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The current recapitalisation effort, launched in 2024, aims to achieve similar objectives, including strengthening capital bases, improving balance sheet soundness, and facilitating banks' international expansion.

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The list of banks that have met the recapitalisation requirement includes Tier-1 banks with international licenses, such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank, which have all reached the minimum capital requirement of N500 billion.

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Other banks that have fulfilled the requirement include Tier-2 banks, such as Fidelity Bank, FCMB, Ecobank Nigeria, Stanbic IBTC, Sterling Bank, Wema Bank, Citibank Nigeria, and Standard Chartered Nigeria.

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The list of banks that have met the recapitalisation requirement also includes Tier-3 banks, such as Globus Bank, PremiumTrust Bank, Providus Bank, Alpha Morgan Bank, Titan Trust Bank, and Optimus Bank.

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Regional banks that have met the requirement include Signature Bank, Parallax Bank, and SunTrust Bank, all of which have reached the minimum capital requirement of N50 billion.

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Merchant banks, including FSDH Merchant Bank, Greenwich Merchant Bank, Nova Merchant Bank, Rand Merchant Bank, and Coronation Merchant Bank, have also fulfilled the requirement.

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Non-interest banks, such as Jaiz Bank, Lotus Bank, TAJBank, and AltBank, have met the minimum capital requirement of N20 billion.

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The 35 banks operating in the country are Access Bank Plc, Citibank Nigeria Limited, Ecobank Nigeria Limited, Fidelity Bank Plc, First Bank of Nigeria Limited, and First City Monument Bank (FCMB) Limited, among others.

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Other banks operating in the country include Globus Bank Limited, Guaranty Trust Bank Limited, Jaiz Bank Plc, Keystone Bank Limited, Lotus Bank Ltd, and Optimus Bank.

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The list of banks also includes Parallex Bank Ltd, Polaris Bank Plc, Premium Trust Bank, Providus Bank, Signature Bank Ltd, Stanbic IBTC Bank Plc, and Standard Chartered Bank Nigeria Ltd.

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Additionally, the list includes Sterling Bank Plc, Sun Trust Bank Nigeria Limited, Taj Bank, The Alternative Bank, Titan Trust Bank Ltd, Union Bank of Nigeria Plc, and United Bank for Africa Plc (UBA).

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The remaining banks are Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc, Greenwich Merchant Bank, Alpha Morgan Bank Limited, Nova Merchant Bank, Rand Merchant Bank, and Coronation Merchant Bank.