Race to Deadline: Cardoso Says 16 Nigerian Banks Have Met or Exceeded the CBN’s New Capital
- CBN governor, Yemi Cardoso has revealed that at least 16 Nigerian banks have met or exceeded its new capital thresholds ahead of deadline in 2026
- Several top lenders, including First Bank, UBA, GTBank, and FCMB, are still raising capital to meet new requirements.
- The CBN believes that the policy will help Nigerian financial institutions be better prepared for the N1 trillion economy it plans to achieve
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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.
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), said at least 27 Nigerian banks are raising new capital ahead of the March 2026 deadline
According to him the sector-wide recapitalisation programme is aimed at strengthening lenders’ buffers and supporting the country’s push towards a $1 trillion economy.
Source: Getty Images
Cardoso, who was speaking at the Chartered Institute of Bankers of Nigeria annual Bankers’ dinner over the weekend, also confirmed that 16 banks have already met or exceeded the new requirements through public offers and rights issues, BusinessDay reports.
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He said:
“Several banks have already met the new capital thresholds, while others are advancing steadily and are well-positioned to comfortably meet the March 31, 2026 deadline."
CBN recapitalisation programme
In March 2024, the CBN directed lenders to increase minimum paid-up capital to N500 billionfor international banks, N200 billion for national banks, and 50 billion naira for regional lenders.
Non-interest banks face lower thresholds of N20 billion and N10 billion, depending on their authorisation.
With less than four months to the March 31, 2026 deadline, several lenders have already crossed the finish line.
Access Bank was the first tier-1 lender to hit the N500 billion threshold, following regulatory approval for a N351 billion rights issue. The bank’s share capital will increase to N600 billion, N100 billion above the CBN’s minimum requirement.
Other banks that have met the capital thresholds include Zenith Bank, Stanbic IBTC, Wema Bank, Providus Bank, Greenwich Merchant Bank, Jaiz Bank, and Lotus Bank, while Globus Bank awaits regulatory confirmation.
Banks that have met CBN thresholds so far:
- Access Holdings (International): Above N500bn
- Zenith Bank (International): Above N500bn
- Stanbic IBTC Holdings (International): Above N500bn
- Wema Bank (National): Above N200bn
- Providus Bank (National): Above N200bn
- Globus Bank (National): Above N200bn, pending CBN confirmation
- Greenwich Merchant Bank (Merchant): Recapitalised
- Jaiz Bank (Non-interest): Above N20bn
- Lotus Bank (Non-interest): Above N10bn
Source: Twitter
Speaking on the progress so far Cardoso added:
“With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. Stress-testing confirms that Nigeria’s banking sector remains fundamentally robust, with key financial soundness indicators meeting prudential benchmarks.”
Nigerian bank shuts down, updates social media accounts
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 Central Bank of Nigeria (CBN) finally approved its long-awaited merger.
Union Bank said that both institutions will continue to operate under its 108-year-old brand name.
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