Full List: 19 Banks Cross CBN’s Recapitalisation Hurdle to Remain in Operation as Deadline Nears
- 19 banks have met Nigeria's recapitalisation deadline, bolstering market confidence ahead of March 31, 2026
- Fidelity Bank raised N250 billion swiftly, surpassing its capital shortfall to meet minimum requirements
- Analysts predict further compliance as more banks finalise capital plans before the end of January 2026
With fewer than 90 days to the Central Bank of Nigeria’s March 31, 2026 recapitalisation deadline, 19 banks have now met the new minimum capital requirements needed to retain their operating licences.
The latest additions are First Bank Nigeria, Fidelity Bank Plc and FSDH Merchant Bank, lifting the number of compliant institutions from 16 recorded last year.
Source: Twitter
Analysts say the pace of compliance is expected to accelerate, with more lenders likely to conclude their capital raising plans between next week and the end of January.
Earlier compliant lenders
Banks that met the recapitalisation benchmarks in 2025 include Access Holdings, Zenith Bank, Guaranty Trust Bank, Ecobank, Stanbic IBTC, Wema Bank, United Bank for Africa and Sterling Bank.
Others are Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank, PremiumTrust Bank, Globus Bank, Citibank Nigeria and Nova Bank.
The addition of First Bank, Fidelity Bank and FSDH Merchant Bank brings renewed confidence to the market that most institutions will meet the regulatory deadline.
Fidelity Bank’s swift capital raise
Fidelity Bank Plc stands out among the latest entrants after raising about N250 billion through a private placement that opened and closed on December 31, 2025.
Market sources attribute the strong investor demand to the lender’s solid financial performance and track record.
Under Nigerian Exchange regulations, private placements typically run for up to 10 days, making Fidelity’s swift completion notable.
The proceeds are estimated to exceed the bank’s capital shortfall of N194.5 billion, positioning it comfortably to meet the N500 billion minimum capital requirement for banks with international licences.
Participation in the offer was reportedly limited to a select group of pre-qualified institutional investors, many with global investment exposure.
CBN confirms system stability
While the CBN is yet to formally ratify the revised capital bases of some banks, industry insiders say several others are on course to cross the threshold before the end of the month.
CBN Governor Olayemi Cardoso had earlier confirmed steady progress, noting that several banks had already met the new requirements while others were advancing well.
He disclosed that 27 banks accessed the capital market through public offers and rights issues, with 16 already meeting or exceeding the benchmarks at the time.
Beyond capital figures, Cardoso said stress tests conducted in 2025 showed the banking system remained fundamentally robust, with key prudential indicators within acceptable limits.
FCMB, mergers and strategic shifts
Some lenders are still fine-tuning their recapitalisation strategies. FCMB Group Plc is among those in advanced stages, with shareholders approving plans to raise N400 billion to retain its international banking licence.
Group chief executive Ladi Balogun said the funds would strengthen capital adequacy and support growth.
While large-scale mergers remain limited, ownership changes and strategic realignments are increasing, according to a report by Leadership.
Source: Getty Images
Nova Bank has opted to downgrade to a regional licence, cutting its capital requirement to N50 billion.
Union Bank has merged with Titan Trust Bank, while Providus Bank’s planned merger with Unity Bank could create the country’s ninth-largest lender by assets.
Banks still under pressure
Analysts say only a few institutions remain under real strain.
Banks still weighing options of recapitalising, merging or exiting include Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank, Standard Chartered Bank Nigeria and Citibank Nigeria, alongside FBN Quest Merchant Bank and Coronation Merchant Bank.
As the deadline approaches, the final shape of Nigeria’s banking sector is set to emerge with clearer winners, mergers and possible exits.
Meet 12 of Nigeria’s most capitalised banks
Legit.ng previously reported that Nigeria’s banking sector was gathering momentum as listed lenders intensified efforts to meet new recapitalisation requirements ahead of the March 2026 deadline.
Banking stocks rallied in 2025 as GTCO, Zenith, UBA and 10 others lifted combined market capitalisation to N16.14 trillion, driven by the CBN’s recapitalisation push ahead of March 2026.
The surge represented an 86.8 percent, N7.5 trillion jump, giving banks 16.23 percent of NGX’s N99.38 trillion equity value overall market.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
