Banks Rush To Meet CBN Capitalisation Ahead of Deadline As 16 Completes Requirement
- Nigeria’s banking sector are in a rush to meet the Central Bank of Nigeria March 31, 2026 recapitalisation deadline
- Already, 16 Nigerian banks have crossed the minimum capital requirement thresholds and there are talks of mergers
- ACAMB has dismissed rumours of imminent bank closures as false and dangerous, warning that all banks have approved recapitalisation plans
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.
With about 100 days left until the March 31, 2026 deadline for Nigeria’s banking sector recapitalisation, banks are working against time to meet the CBN’s minimum requirements.
There are suggestions that several banks could be forced to close if they are unable to meet the deadline.
Source: Getty Images
However, the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has dismissed the rumours, stating that as many as 12 banks face imminent closure, describing such claims as false and dangerous.
In a statement signed by its president, Rasheed Bolarinwa, ACAMB warned that such alarmist narratives are misleading and harmful.
The association stressed that all banks submitted vetted recapitalisation plans to the CBN in 2024, and the regulator has repeatedly expressed satisfaction with the implementation progress.
ACAMB said Nigerian banks remain safe, sound and adequately capitalised, adding that misinformation around the recapitalisation exercise is baseless and could have serious economic consequences.
Also, Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., said only a few institutions remain under real pressure.
He said
“Nothing dramatic has happened yet on the mergers front, but by January or February, we could see clearer outcomes."
Olubunmi said, noting that capital raising through private placements and rights issues could dilute shareholders who fail to participate.
Banks recapitalisation
The recapitalisation drive has also triggered strategic realignments. Nova Bank opted to downgrade its licence to regional status, reducing its capital requirement to N50 billion, Leadership reports.
Meanwhile, consolidation is gathering pace, with Union Bank merging with Titan Trust Bank, while Providus Bank is set to merge with Unity Bank, a deal expected to create Nigeria’s ninth-largest lender by assets size.
According to disclosures by the Central Bank of Nigeria (CBN), 16 banks have already met the minimum capital requirements for their respective licence categories, reflecting steady progress across the sector as the deadline approaches.
CBN Governor, Olayemi Cardoso, recently confirmed that several lenders have either met or exceeded the new capital thresholds, while others are advancing steadily and remain well positioned to comply with the requirements.
The banks said:
“Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to meet the March 31, 2026 deadline comfortably."
He disclosed that 27 banks have accessed the capital market through public offers and rights issues, adding that stress tests conducted in 2025 showed the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.
Source: Getty Images
Banks that have met the recapitalisation requirements include:
- Access Holdings
- Zenith Bank
- GTBank
- Ecobank
- Stanbic IBTC
- Wema Bank
- Jaiz Bank
- Lotus Bank
- Providus Bank
- Greenwich Merchant Bank
- PremiumTrust Bank
- Globus Bank
- Citibank Nigeria
- United Bank for Africa
- Nova Bank
- Sterling Bank
Fidelity Bank and FCMB Group are among those in advanced stages of capital raising and regulatory verification.
CBN’s foreign reserves record first gain in 5 months
Earlier, Legit.ng reported that Nigeria's foreign exchange (forex) reserves have recorded the first increase in five months, significantly boosting the CBN's fight to help naira recover its lost value.
In a statement published on its website, CBN reinstated its commitment to intervene in the foreign exchange markets to increase liquidity and ease demand pressure on naira.
Forex reserves recorded a modest increase of $1.72 million over the weekend to close at $33.22 billion.
Source: Legit.ng
