First Bank, FCMB, Fidelity Bank, 3 Other Banks Primed to Beat CBN’s N500bn Recapitalisation Target

• Six Nigerian banks are on course to meet and even exceed the CBN’s N500 billion recapitalisation requirement deadline
• The banks are Zenith Bank, Access Bank, UBA, Guaranty Trust Bank, First Bank, and FCMB Group
• In total, these financial institutions have raised about N2.4 trillion to meet and exceed the CBN’s March 31, 2026, deadline

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Six leading Nigerian banks have been projected to exceed the Central Bank of Nigeria’s (CBN) N500 billion capital requirement.

The banks, which include Zenith Bank, Access Bank, UBA, Guarantee Trust Bank, First Bank, and FCMB, have all raised close to N2.4 trillion ahead of the deadline.

Six banks commit to meeting CBN’s deadline

These financial powerhouses have either concluded or are close to concluding capital-raising projects via a mix of strategies, including public offers and private placements.

The lenders have disclosed via separate statements that they are on the verge of competing capital raise programmes by the second half of this year.

The banks were trying to douse investors’ fears regarding CBN’s dividend ban, releasing specific timelines to exit the apex bank’s dividend freeze.

A previous report by Legit.ng detailed the 10 Nigerian banks most likely to beat the N500 billion capital requirement hurdle.

In March last year, CBN announced a recapitalisation policy, which required commercial banks with international approval to maintain a minimum capital base of N500 billion.

The policy aims to boost Nigeria’s financial system, placing it on a strong footing to support  Nigeria’s $1 trillion economic ambition set by President Bola Tinubu’s government and enhance banks’ capacity to finance critical economic sectors.

Two banks beat CBN’s hurdle

Two banks, Zenith and Access Bank, have successfully surpassed the recapitalisation hurdle.

United Bank for Africa (UBA) and Guaranty Trust Bank have also disclosed plans to raise the required N500 billion and N600 billion, respectively, through bond issues.

Findings show that both banks have raised N355.2 billion and N209.41 billion in the first phase.

Three banks raise to meet the deadline

First Bank has reportedly raised about N187.6 billion and is expected to hit the N500 billion market by the end of July.

Fidelity Bank said it has raised N373 billion in a recent public offering and rights issue, which were oversubscribed by 237.92% and 137.73%.

The bank said it also intends to raise an additional N200 billion via a private placement by the end of 2025 to hit CBN’s target, The Sun reported.

Checks reveal that both banks had raised about N355.2 billion and N209.41 billion in the first tranche.

Also, FCMB Group has disclosed that it has raised N147.75 billion and will reach about N267 billion by July. 

In total, the six lenders have both polled N2.4 trillion, a massive milestone in their quest to beat CBN’s deadline.

Analysts say the move positions the banks ahead of the deadline and shows stronger investor confidence and industry fluidity.

Access Bank takes over Standard Chartered Bank

Legit.ng previously reported that Nigeria’s banking giant, Access Bank, had completed the takeover of Standard Chartered Bank in The Gambia.

The takeover on June 13, 2025, would see Standard Chartered Bank cease to operate in The Gambia after 130 years of operations.

The governor of the Central Bank of The Gambia, Buah Saidy, disclosed this recently during a press conference at The Gambia’s apex bank’s headquarters in Banjul.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng