Recapitalisation Race: Meet 21 Banks with Biggest Capital after Meeting CBN Target
- Nigeria's banking sector has successfully secured ₦5.142 trillion amid Central Bank recapitalisation drive
- 21 out of 37 banks have surpassed minimum capital requirements well ahead of deadline
- Consolidation in banking includes mergers like Union Bank and Titan Trust Bank for strategic growth
Nigeria’s banking sector is racing toward the final stretch of the Central Bank of Nigeria’s (CBN) recapitalisation programme, and the numbers tell a striking story.
A total capital base of about ₦5.142 trillion has already been secured by lenders across different licence categories, signalling renewed investor confidence and strengthening balance sheets across the industry.
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Available disclosures show that 21 out of the country’s 37 commercial, merchant, and non-interest banks have already met or exceeded the revised minimum capital requirements, well ahead of the March 31, 2026, deadline.
This early compliance underscores the sector’s resilience after years of macroeconomic headwinds and regulatory tightening.
6 international banks cross ₦500bn threshold
Among the banks with international authorisation, six lenders have cleared the ₦500 billion minimum capital bar, together accounting for an estimated ₦3.28 trillion in capital.
Zenith Bank leads the pack with about ₦614 billion after its oversubscribed public offer added ₦350.46 billion to its capital base.
Access Bank followed closely, surpassing ₦600 billion after raising ₦351 billion through a rights issue, making it the first bank to hit the benchmark.
Guaranty Trust Bank’s capital now stands at roughly ₦504 billion following a two-phased equity programme.
First Bank of Nigeria and United Bank for Africa have also pushed their capital bases above ₦500 billion, while Fidelity Bank crossed the line with about ₦564 billion after completing a ₦259 billion private placement.
National banks strengthen balance sheets
In the national banking category, eight lenders have met the ₦200 billion minimum requirement, contributing an estimated ₦1.6 trillion in capital.
Ecobank Nigeria, Stanbic IBTC, PremiumTrust Bank, Citibank Nigeria, Standard Chartered Bank Nigeria, Providus Bank, Wema Bank, and Globus Bank are all now comfortably above the regulatory threshold.
Stanbic IBTC achieved compliance through an oversubscribed rights issue, while PremiumTrust Bank emerged as one of the earliest national banks to meet the requirement just three years after starting operations.
Wema Bank combined a rights issue and private placement to exceed the benchmark, while Citibank and Standard Chartered described their early compliance as a reaffirmation of their long-term commitment to Nigeria.
Regional, merchant, non-interest banks also comply
At the regional level, Nova Bank has downgraded from a national to a regional licence after meeting the ₦50 billion minimum capital requirement, placing total disclosed capital in the category at ₦50 billion.
Merchant banks have also kept pace. Greenwich Merchant Bank, Rand Merchant Bank Nigeria, and FSDH Merchant Bank have each met the ₦50 billion threshold, bringing total capital in the segment to an estimated ₦150 billion.
Rand Merchant Bank noted that compliance enhances its capacity to deliver corporate and investment banking services while supporting financial system stability.
Non-interest banks have collectively raised over ₦60 billion. Jaiz Bank, Lotus Bank, and TAJBank have each met the ₦20 billion minimum set by the apex bank.
Jaiz Bank said it complied well ahead of schedule and plans phased capital raises to support expansion, while Lotus Bank and TAJBank described their compliance as a foundation for deeper financial inclusion and sustainable growth.
Consolidation and market activity gather momentum
Consolidation is also gaining pace within the sector. Union Bank has completed its merger with Titan Trust Bank, while Providus Bank is set to merge with Unity Bank, a move expected to create Nigeria’s ninth-largest lender by assets.
Analysts at Meristem Research said the broad progress reflects the underlying strength of Nigeria’s banking system, particularly in liquidity, balance-sheet resilience, and risk management.
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They noted that stronger capital buffers will enhance banks’ ability to absorb shocks and support credit expansion, especially for large corporates and infrastructure projects.
Coronation Asset Management, in its Year in Review and 2026 Outlook, said more capital-raising activities are expected in the coming weeks as some banks finalise their plans ahead of the deadline.
According to a report by Leadership, while investor sentiment has been mixed, analysts believe the recapitalisation drive will ultimately stabilise earnings and reposition banks for core lending growth in 2026.
With just a few months to go, the recapitalisation race is far from over, but the early movers have already reshaped the competitive landscape of Nigeria’s banking sector.
Recapitalisation: Which Nigerian banks are safe
Legit.ng earlier reported that the race to meet the CBN's 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.
Contrary to widespread claims that only 19 banks have complied, industry data shows a far more advanced level of readiness.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
