Full List: 12 Nigerian Banks Beat CBN’s Recapitalisation Deadline, How They Raised Billions Emerges
- As of the last count, about 12 Nigerian banks have fully complied with the Central Bank of Nigeria’s recapitalisation target
- These banks employed a series of strategies, including rights issues, capital injections, and private placements, to scale the hurdle
- What this means is that these banks are on sound financial footing to continue to provide financial services for Nigerians
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Nigeria’s financial landscape is undergoing one of its boldest transformations as the Central Bank of Nigeria (CBN) enforces stricter recapitalisation rules.
The March 31, 2026, deadline is still months away, but 12 banks have already met or surpassed the required thresholds, signalling strong investor appetite and strategic planning.
Source: Twitter
Here’s a breakdown of the banks that have crossed the finish line:
Access Holdings
- The first to cross the line, raising ₦365 billion through a rights issue.
- Its early compliance underscores its ambition to maintain dominance as Nigeria’s biggest lender.
Zenith Bank
- Followed closely, shoring up over ₦350 billion in fresh equity.
- A move that reassures both retail and institutional investors of its long-term stability.
GTBank (GTCO)
- In one of the boldest capital moves, GTCO injected ₦365.85 billion into GTBank.
- This raised its paid-up capital from ₦138 billion to over ₦504 billion, clearing the ₦500 billion international benchmark.
Ecobank
- Leveraged its pan-African presence and strong balance sheet to meet the international tier requirement.
- Its compliance positions it as a cross-border giant in African banking.
Stanbic IBTC
- Benefited from support by its South African parent, Standard Bank.
- Ensured it remained within the elite list of compliant international banks.
Wema Bank
- Aggressively raised ₦200 billion, largely powered by its retail-driven ALAT digital platform.
- This makes it the standout player among Nigeria’s national banks.
Providus Bank
- Raised over ₦102 billion this year alone.
- Currently awaiting final regulatory confirmation b,ut already considered compliant.
Globus Bank
- Surpassed the ₦200 billion requirement through a mix of equity raises.
- Its rapid growth reflects investor confidence in its aggressive expansion strategy.
Premium Trust Bank
- Founded in 2022, it became one of the youngest banks to cross the ₦200 billion line.
- CEO Emmanuel Emefienim called the milestone “a defining moment” that will fuel lending to infrastructure and agriculture.
Greenwich Merchant Bank
- Achieved compliance through capital injections and debt-to-equity conversions.
- Its capital buffer strengthens its position in specialised investment banking.
Jaiz Bank
- Cleared the non-interest banking benchmark of ₦20 billion.
- Reinforces its leadership in Islamic finance in Nigeria.
Lotus Bank
- Another non-interest bank that met its threshold.
- Positioned as a key alternative player for customers seeking Sharia-compliant banking.
What this means for Nigeria’s economy
Stronger banks, stronger economy: Well-capitalised lenders now have more room to expand credit to sectors like infrastructure, energy, and manufacturing.
Investor confidence rising: Shares of banks such as Fidelity (+1,100% since 2020) and Wema (+900%) highlight strong market faith in the recapitalisation process.
Source: Twitter
Smooth sailing so far: According to Agusto & Co, about ₦3 trillion of the ₦4 trillion target has already been raised, mostly from Nigerian investors.
Are the big bosses still lagging?
UBA, FirstBank, Fidelity, FCMB, and Sterling Bank are still in the market raising funds through rights issues, placements, and asset sales.
Possible mergers include Providus with Unity Bank and Union Bank with Titan Trust Bank, with more consolidations likely before the March 2026 deadline.
Safer banks for Nigerians
Nigeria’s recapitalisation drive is progressing faster than expected.
The early compliance of 12 banks shows resilience in a tough economy and sets the stage for a stronger, more competitive banking sector.
For customers, it could mean safer banks, better credit options, and a financial system ready to support Nigeria’s $1 trillion economy ambition.
Access Bank takes over Standard Chartered Bank
Legit.ng earlier reported that Nigeria’s banking giant, Access Bank, has completed the takeover of Standard Chartered Bank in The Gambia.
The takeover on June 13, 2025, will 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.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
