Full List of All 28 Commercial Banks in Nigeria, 2 Set To Shut Down
- The list of commercial banks in Nigeria has reduced as Titan Trust Bank merges with Union Bank
- There are also expectations that another bank is on the verge of a merger to meet the CBN’s capitalisation requirements
- The Central Bank of Nigeria has the statutory power to issue licences to banks and other financial institutions within the country
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The number of commercial banks in Nigeria is reducing as Titan Trust Bank completes its merger with Union Bank.
Industry analysts expect Providus Bank to take over Unity Bank, which would further reduce the number of commercial banks in Nigeria.
Source: Getty Images
The Central Bank of Nigeria, which has statutory powers to issue and withdraw licences, has warned that banks failing to meet the new capital rules risk losing their licences.
At the start of the year, Nigeria had 28 commercial banks, but it remains uncertain how many will still hold their licences when the recapitalisation deadline expires on March 31, 2026.
Rules of CBN capital requirements
The CBN made it clear in its circular that to meet the minimum capital requirements, banks may consider any of the following options:
- Inject fresh equity capital through private placements, rights issues, and/or offers for subscription;
- Undertake mergers and acquisitions (M&As); and/or
- Apply for an upgrade or downgrade of licence authorisation.
Yes is a breakdown of each requirement for different categories of banks
- Internationally-authorised commercial banks: N500 billion
- National-authorised commercial banks: N200 billion
- Regionally-authorised commercial banks: N50 billion
- Merchant banks: N50 billion
- Non-interest (Islamic) banks – national: N20 billion
- Non-interest banks – regional: N10 billion
Explaining the new capital requirement, the CBN said the programme is aimed at strengthening Nigerian banks against shocks, enhancing financial stability, and ensuring they have a robust capital base to absorb losses while supporting economic growth.
CBN noted:
'The objective is to create stronger, more resilient banks capable of financing larger credit levels, which is critical to achieving a $1 trillion economy by 2030."
Source: UGC
Here are the current 28 listed commercial banks in Nigeria
- Access Bank Plc
- Alpha Morgan Bank Limited
- Citibank Nigeria Limited
- Ecobank Nigeria Plc
- Fidelity Bank Plc
- First Bank of Nigeria Limited
- First City Monument Bank Plc
- Globus Bank Limited
- Guaranty Trust Bank Plc
- Keystone Bank Limited
- Nova Commercial Bank Limited
- Optimus Bank
- Parallex Bank Ltd
- Polaris Bank Plc
- Premium Trust Bank
- Providus Bank (set to take over Unity Bank)
- Signature Bank Limited
- Stanbic IBTC Bank Plc
- Standard Chartered Bank Nigeria Ltd
- Sterling Bank Plc
- SunTrust Bank Nigeria Limited
- Tatum Bank Limited
- Titan Trust Bank Ltd (ceased to exist)
- Union Bank of Nigeria Plc (merged with Titan Trust Bank)
- United Bank for Africa Plc
- Unity Bank Plc (set to be absorbed by Providus Bank)
- Wema Bank Plc
- Zenith Bank Plc
Nigerian Bank Shuts Down, Updates Social Media Accounts to New Name
Earlier, Legit.ng reported that Titan Trust Bank Limited has officially changed its social media handles to Union Bank of Nigeria, formally ending its existence as a separate entity.
The decision was sealed after the CBN finally approved its long-awaited merger.
Union Bank said that both institutions will continue to operate under its 108-year-old brand name.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
