Akakan Umoh
Thirty banks have met the new minimum capital requirements introduced under the Central Bank of Nigeria’s banking sector recapitalisation programme ahead of 31 March, 2026 deadline, the apex bank stated on Friday.
The CBN said the recapitalisation exercise, launched in 2024 to strengthen the resilience and capacity of the financial system, had continued to record steady progress across the industry.
In a statement by the Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, on Friday, the central bank noted that several lenders had successfully strengthened their capital base through different fundraising channels, including rights issues, initial public offerings and private placements.
The statement read, “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, 33 banks have raised additional capital through rights issues, initial public offerings, and private placements as part of the programme.”
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The apex bank explained that the capital positions of the remaining banks were currently undergoing routine verification before final confirmation of compliance within the stipulated timeline for the recapitalisation exercise.
According to the regulator, the verification process forms part of its supervisory role aimed at ensuring that the capital raised by banks aligns with regulatory standards and prudential requirements.
“The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline,” the statement added.
The CBN introduced the recapitalisation programme in 2024 as part of efforts to strengthen the resilience, stability and long-term capacity of Nigeria’s banking system to support economic development.
Under the programme, banks were required to raise fresh capital to meet revised minimum thresholds based on the category of their operating licences.
The move also came amid broader financial sector reforms aimed at improving investor confidence and ensuring that financial institutions maintain adequate buffers to absorb potential risks.
Since the policy was announced, many banks have approached the capital market to raise fresh funds through public offers, rights issues and private placements.
Several lenders have also undertaken corporate restructuring and strategic capital raising exercises to meet the regulatory benchmarks within the deadline set by the apex bank.
The CBN, however, reiterated that the banking system remained stable and sound despite ongoing capital adjustments by financial institutions.
It stated, “The CBN reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”
The apex bank further assured stakeholders that it would continue to maintain close supervisory engagement with regulated institutions throughout the process.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the statement added.
The CBN Governor, Olayemi Cardoso, earlier disclosed that banks raised N4.05tn in verified and approved capital ahead of the March 31, 2026, recapitalisation deadline set by the CBN.
He said, “As of February 19, 2026, total verified and approved capital raise stands at N4.05 trillion.”
Straightnews gathered that the figure was nearly double the N2.4 trillion reportedly raised as of April 2025.
Cardoso said N2.90 trillion of the amount, representing 71.6 per cent, was mobilised domestically, while N1.15 trillion, equivalent to 28.33 per cent, came from foreign participation.
“In summary, 71.67 per cent is domestic mobilisation and 28.33 per cent is foreign participation. This balance, in my view, represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” Cardoso said.
Names of the 30 Banks
The recapitalisation policy was introduced in 2024 to strengthen the banking sector.
Minimum capital requirements include:
₦500 billion – international commercial banks
₦200 billion – national commercial banks
₦50 billion – regional banks
₦20 billion – national non-interest banks
₦10 billion – regional non-interest banks.
Below is the list of the 30 banks reported to have met the recapitalisation hurdle (across commercial, merchant, and non-interest categories):
Commercial Banks
Access Bank Plc
Zenith Bank Plc
Guaranty Trust Bank Plc (GT Bank/GTCO)
United Bank for Africa (UBA) Plc
First Bank of Nigeria Ltd
Fidelity Bank Plc
Stanbic IBTC Bank Plc
Ecobank Nigeria Ltd
Wema Bank Plc
Sterling Bank Plc
Union Bank of Nigeria Plc
Keystone Bank Ltd
Globus Bank Ltd
Premium Trust Bank Ltd
Providus Bank Ltd
Citibank Nigeria Ltd
Standard Chartered Bank Nigeria Ltd
Titan Trust Bank Ltd
Polaris Bank Ltd
Non-Interest Banks
Jaiz Bank
Taj Bank Ltd
Lotus Bank Ltd
Merchant Banks
FSDH Merchant Bank Ltd
Merchant Bank Ltd
Nova Merchant Bank Ltd
Rand Merchant Bank Nigeria Ltd
Coronation Merchant Bank Ltd
Other Licensed Banks/Specialised Institutions
Parallex Bank Ltd
SunTrust Bank Nigeria Ltd
Optimus Bank Ltd
:The CBN also said 33 banks have raised new capital, but 3 are still undergoing verification before final confirmation.
