CBN Recap Deadline: Two Banks Get Lifeline as 3 Await Final Approval in Last-Minute Scramble
- Over 30 Nigerian banks have successfully met the new minimum capital requirements by the CBN deadline
- Merger activity surges as banks restructure to comply with new capital regulations
- Regulatory flexibility may aid struggling institutions like Keystone and Polaris in meeting requirements ahead of final approvals
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
With just days to the Central Bank of Nigeria (CBN) recapitalisation deadline, the race to compliance has entered a decisive phase.
While most banks have crossed the finish line, a handful remain in limbo, awaiting regulatory clearance or special consideration.
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Industry data show that over 30 Nigerian banks have successfully met the new minimum capital requirements across commercial, merchant and non-interest banking categories.
This reflects a strong industry-wide response to the CBN’s directive.
However, at least three banks are still awaiting final verification from the apex bank. In addition, two institutions may receive regulatory forbearance following appeals tied to legal and structural challenges.
The recapitalisation drive has triggered a surge in capital-raising activities, including rights issues, public offers, private placements and strategic mergers.
Tier-1 lenders, backed by strong investor confidence, raised hundreds of billions of naira with relative ease, while smaller and mid-tier banks faced tighter liquidity conditions and weaker investor appetite.
Big banks meet requirements
Leading lenders such as Access Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA) and First Bank have all met the new capital thresholds.
Among mid-tier institutions, Fidelity Bank, FCMB, Stanbic IBTC, Sterling Bank, Wema Bank, Citibank Nigeria and Standard Chartered Nigeria have also secured compliance.
Other banks that have met the requirements include Globus Bank, Premium Trust Bank, Optimus Bank and Titan Trust Bank, the latter advancing its combination with Union Bank of Nigeria as part of its capital strategy.
The compliance list further extends to Signature Bank, Parallex Bank, SunTrust Bank, FSDH Merchant Bank, Greenwich Merchant Bank, Nova Merchant Bank, Rand Merchant Bank and Coronation Merchant Bank.
Non-interest lenders such as Jaiz Bank, Lotus Bank, TAJ Bank and The Alternative Bank are also among those that have met the threshold.
Mergers signal industry shake-up
The recapitalisation exercise has already triggered consolidation moves across the sector.
Providus Bank’s merger arrangement with Unity Bank stands out as an early signal of broader restructuring.
Analysts expect more mergers and acquisitions in the coming months, particularly among weaker players seeking to remain viable under the new capital regime.
Keystone, Polaris face uncertainty
Notably absent from the compliance list are Keystone Bank and Polaris Bank, both of which face unique challenges.
Keystone Bank recently came under full Federal Government ownership following the dissolution of Sigma Golf Nigeria Limited amid an alleged N20 billion fraud case handled by the Economic and Financial Crimes Commission (EFCC).
According to The Daily Sun, Polaris Bank is reportedly exploring options to meet the capital requirement, including a potential merger or foreign investor takeover, though details remain unconfirmed.
CBN signals flexibility
CBN Governor Olayemi Cardoso has indicated that affected institutions may receive “special consideration,” acknowledging that regulatory interventions and legal complexities have disrupted their recapitalisation timelines.
He stressed that it would be unrealistic to subject such banks to the same timeline as peers that have had the full implementation window since the policy was introduced.
According to Cardoso, the apex bank remains engaged with stakeholders to ensure a structured and credible resolution process, while safeguarding financial system stability. He also assured that depositors’ funds in affected banks remain secure under strict regulatory supervision.
Beyond capital: The real test ahead
Experts caution that meeting the capital threshold is only part of the challenge. Issues such as profitability, asset quality and corporate governance will determine long-term competitiveness.
“The real story is not just how many banks meet the requirement, but how many can sustain performance afterwards,” one analyst noted, adding that further consolidation and possible licence downgrades are likely.
For the CBN, the recapitalisation exercise is aimed at building a stronger banking system capable of supporting Nigeria’s ambition of a $1 trillion economy. For operators, however, it remains a high-stakes test that is reshaping the industry.
Source: Twitter
As the deadline approaches, attention now turns to final approvals, last-minute deals and regulatory decisions that will define the next phase of Nigeria’s banking landscape.
Which Nigerian Banks are safe, and which are struggling?
Legit.ng earlier reported that, with just days to the March 31, 2026, deadline, Nigerian banks are making final moves to comply with the Central Bank of Nigeria’s (CBN) recapitalisation directive.
The apex bank is expected to issue a major update this week, as most lenders close in on the new capital thresholds.
The recapitalisation policy, introduced in March 2024, requires banks to significantly boost their capital base, with international commercial banks expected to meet a minimum of ₦500 billion, alongside lower thresholds for other categories.
Source: Legit.ng
