Full List of 33 Banks Operating in Nigeria And How They Stand on CBN Recapitalisation Requirement
- Nigeria's banking sector nears recapitalisation targets set by the Central Bank of Nigeria
- 30 banks have met new capital requirements; 33 have raised funds via various strategies
- Recapitalisation aims to strengthen banks, enhance stability, and support long-term economic growth
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s banking sector is steadily approaching a major regulatory milestone as lenders race to meet the recapitalisation targets set by the Central Bank of Nigeria (CBN).
The apex bank has confirmed that 30 banks have already met the revised minimum capital requirements, while 33 institutions have raised fresh funds through rights issues, Initial Public Offerings (IPOs), and private placements as part of the ongoing programme.
Source: Getty Images
The recapitalisation exercise, which began in 2024, is aimed at strengthening the banking system, improving resilience to economic shocks, and positioning financial institutions to support Nigeria’s long-term economic growth.
According to the CBN, the capital positions of the remaining banks are currently undergoing routine verification before final confirmation of compliance ahead of the regulatory timeline.
Why the CBN introduced recapitalisation
Under the policy framework, banks were required to raise fresh capital based on their licence category:
- International commercial banks: Minimum capital of ₦500 billion
- National commercial banks: Minimum capital of ₦200 billion
- Regional banks: Minimum capital of ₦50 billion
- Merchant banks: Minimum capital of ₦50 billion
The move marks the most significant banking recapitalisation drive in Nigeria since the reforms that followed the global financial crisis more than a decade ago.
Since the announcement, banks have aggressively tapped the capital market and attracted funding from both domestic and foreign investors.
International banks that have Met the capital requirement
Several of Nigeria’s largest lenders have already crossed the ₦500 billion threshold required for international banking licences. These include:
- Access Bank Plc
- Zenith Bank Plc
- First HoldCo Plc (parent company of FirstBank)
- Guaranty Trust Holding Company Plc
- United Bank for Africa Plc
- Fidelity Bank Plc
These institutions raised billions of naira through rights issues and private placements to boost their paid-up capital and meet the regulatory benchmark.
National Banks that have met the requirement
A number of banks operating with national licences have also surpassed the ₦200 billion minimum capital requirement. They include:
- Wema Bank Plc
- Citibank Nigeria Limited
- Standard Chartered Bank Nigeria
- Ecobank Nigeria Limited
- Globus Bank Limited
- Stanbic IBTC Bank Plc
- PremiumTrust Bank
- Providus Bank Limited
These lenders strengthened their balance sheets through shareholder injections, rights issues, and strategic capital raising.
Merchant and non-Interest banks that have complied
Several specialised lenders have also successfully met their recapitalisation thresholds.
Merchant Banks
- FSDH Merchant Bank
- Greenwich Merchant Bank
- Nova Merchant Bank
- Rand Merchant Bank Nigeria
Non-Interest Banks
- Jaiz Bank Plc
- TAJBank Limited
These banks raised capital within their specialised banking categories to meet the required regulatory thresholds.
What the recapitalisation means for Nigeria
The CBN believes the recapitalisation programme will strengthen the stability and lending capacity of Nigeria’s banking sector.
By boosting their capital buffers, banks will be better equipped to absorb economic shocks, expand lending to businesses and households, and finance large infrastructure and industrial projects.
Source: Twitter
Industry analysts also expect the exercise to trigger mergers, acquisitions, and strategic partnerships, particularly among smaller lenders seeking to meet the new thresholds.
With the deadline approaching, the recapitalisation drive is widely seen as a turning point that could reshape Nigeria’s banking landscape and reinforce confidence in the country’s financial system.
As more banks complete verification and final confirmations emerge, the sector appears poised to enter a new phase marked by stronger balance sheets, deeper investor participation, and increased capacity to support economic growth.
Three Nigerian banks yet to meet capital requirement
Legit.ng earlier earlier reported that the Central Bank of Nigeria (CBN) has revealed that three Nigerian banks are yet to meet the new minimum capital requirements introduced as part of its banking sector recapitalisation programme.
The disclosure comes just weeks before the regulatory deadline of March 31, 2026, raising attention across the financial industry as institutions race to comply with the new capital thresholds.
According to the apex bank, the majority of lenders have successfully strengthened their capital base, with only a small number still undergoing final verification of their financial positions.
Source: Legit.ng
