March 31 Countdown: See Which Nigerian Banks Are Safe as CBN Recapitalisation Nears
- 22 of Nigeria’s 34 licensed banks are ready for the CBN's recapitalisation deadline
- Strategic mergers and equity raises are reshaping Nigeria's banking landscape
- Banking sector poised for improved stability and transparency as risks diminish
The race to meet the Central Bank of Nigeria’s (CBN) banking recapitalisation deadline has entered its most decisive phase.
With just weeks to March 31, 2026, the Nigerian banking sector is undergoing one of its most aggressive capital restructurings in decades.
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Contrary to widespread claims that only 19 banks have complied, industry data shows a far more advanced level of readiness.
As of January 2026, about 22 of Nigeria’s 34 licensed banks have effectively secured their operating licences under the new capital regime, following a wave of equity raises, mergers, and strategic repositioning.
For depositors and investors, the picture is increasingly reassuring.
Understanding the new capital rules
Under the recapitalisation framework announced by the CBN, international banks are required to maintain a minimum paid-up capital of ₦500 billion, while national banks must hold at least ₦200 billion. Regional banks face a ₦50 billion threshold.
A critical detail is that retained earnings do not count. Only fresh capital, whether through rights issues, private placements, or mergers, qualifies under the new rules.
Meet fully Recapitalised banks
According to a report by Business Insider, several tier-one lenders have already cleared the highest bar. Access Bank, Zenith Bank, GTBank, United Bank for Africa (UBA), First Bank, and Fidelity Bank have all surpassed the ₦500 billion requirement, firmly securing their international banking licences.
Among national banks, FCMB, Wema Bank, Standard Chartered, and Citibank have officially met the ₦200 billion threshold. FCMB is also in the final phase of raising additional capital to upgrade to an international licence.
Other banks that have cleared their respective capital requirements include Stanbic IBTC, Sterling Bank, Providus Bank, Globus Bank, and Premium Trust Bank, placing them safely within regulatory limits.
Mergers, acquisitions, and strategic downgrades
The recapitalisation drive has also reshaped the industry through consolidation. Unity Bank and Providus Bank are in advanced stages of a merger that is expected to produce a new top-10 lender by asset size.
Titan Trust Bank has completed its full integration with Union Bank, significantly strengthening its capital base and competitive position.
Some banks have opted for strategic downgrades rather than aggressive expansion.
Nova Bank, for instance, chose a regional licence with a ₦50 billion capital base, allowing it to focus on niche, high-end banking rather than scale.
Non-Interest banks hold their ground
Nigeria’s non-interest banking segment has also shown resilience. Jaiz Bank, Taj Bank, and Lotus Bank have all met the ₦20 billion capital requirement for their category, reinforcing the growing relevance of Islamic finance in the country’s financial system.
What does this mean for customers?
For banks still in the red zone, the final weeks before the deadline are expected to bring last-minute mergers, private equity injections, or licence adjustments.
For customers, however, the broader outcome is clear. Nigeria’s banking sector is emerging stronger, better capitalised, and more transparent, with fewer weak institutions and tighter regulatory oversight.
Analysts have predicted that more banks may merge ahead of the March 31, 2026 deadline.
"Out of the 12 or 14 remaining banks, we see more mergers and outright acquisitions. The time is very short for some of these banks to meet the CBN deadline," financial analyst, Ishaya Ibrahim told Legit.ng during a call.
Ibrahim ruled out extension by the CBN, stating that the exercise will produce a more robust banking industry.
"The industry will become globally competitive and studier and could readily support the planned $1 trillion economy," he said.
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The recapitalisation exercise is rapidly transforming the industry into one built for stability, scale, and long-term confidence.
Meet Nigerian banks licensed to operate abroad
Legit.ng earlier reported that Nigeria’s banking industry is undergoing its most ambitious overhaul in more than a decade as the Central Bank of Nigeria (CBN) enforces a sweeping recapitalisation programme aimed at strengthening financial stability and positioning the sector for long-term growth.
Under the policy, commercial banks with international banking licences must raise their minimum paid-up capital to N500 billion by March 31, 2026.
The new thresholds, announced in March 2024, mark a sharp departure from the existing capital structure.
Source: Legit.ng
