First Bank, UBA, Access, Other Banks Send Messages to Customers After Successful Recapitalisation
- Major Nigerian banks, including FirstBank, UBA, and Access Bank, have successfully met the CBN recapitalisation requirements
- The Central Bank of Nigeria deadline for all financial institutions to raise their capital base is set for March 31, 2026
- The banks have used the opportunity to share their plans for the future as they prepare to support Nigeria's economic growth
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.
Leading Nigerian banks, including FirstBank, United Bank for Africa (UBA), Access Bank, and several other commercial and merchant banks, have confirmed they have successfully met the Central Bank of Nigeria (CBN) recapitalisation requirements.
The development sends strong messages of confidence to investors, customers, and the wider market ahead of the March 31, 2026, deadline.
Source: Getty Images
CBN's recapitalisation breakdown
The Central Bank of Nigeria (CBN) announced that the recapitalisation policy, noting it aimed to guarantee the stability of the financial system, enhance the ability of banks to fund major economic initiatives
Here is a breakdown of the minimum capital requirement
- International licence: N500 billion
- National licence: N200 billion (commercial and merchant banks)
- Regional licence: N50 billion
- Non-interest banks (national): N20 billion
- Non-interest banks (regional): N10 billion
Banks messages after successful recapitalisation
Several Nigerian banks have announced they have scaled the recapitalisation hurdle and have shared their plans for the future.
First Bank
First Bank of Nigeria Limited, in a statement on NGX announced that it has successfully met the minimum regulatory capital requirement of N500 billion through a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.
The statement signed by Abiola Baruwa, Group Company Secretary, reads:
“First HoldCo Plc today announces that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s minimum capital requirement of N500 billion.
"The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities."
Wale Oyedeji, Group Managing Director described the capital raise as central to executing the bank’s strategic priorities and enhancing stakeholder value.
Access Bank
Access Bank was the first bank to meet the Central Bank of Nigeria’s new N500 billion capital requirement for banks with international licence, ThisDay reports.
In a statement announcing the success, Chairman of Access Holdings, Aigboje Aig-Imoukhuede, states:
"“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.
"We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering.”
Source: Getty Images
Guaranty Trust Bank
Guaranty Trust Bank (GTBank), has also surpassed the CBN’s N500 billion minimum requirement for internationally licensed banks.
Segun Agbaje, Group Chief Executive Officer, GTCO, said:
“The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group.
"With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high‑growth markets, while upholding the industry‑leading standards that define the GTCO brand.”
United Bank for Africa
United Bank for Africa also confirmed it had surpassed the N500 billion capital benchmark, raising N178.3 billion via a rights issue.
The bank said this achievement strengthens its ability to support pan-African growth and meet the growing financial needs of its customers.
Zenith Bank
Zenith Bank combined a public offering and a rights issue to raise about N350.4 billion, lifting its paid‑up share capital to N614.65 billion comfortably above the CBN’s N500 billion threshold for international banks.
Jim Ovia, Founder and Chairman of Zenith Bank Plc speaking on a success public offer said:
“This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory."
Other banks, including Citibank Nigeria, Standard Chartered Nigeria, Wema Bank, Globus Bank, Ecobank Nigeria, PremiumTrust Bank, Rand Merchant Bank, FSDH Merchant Bank, Greenwich Merchant Bank, and Nova Ban have also confirmed meeting their recapitalisation requirements.
In total as at Thursday, January 16, 23 banks have scaled the recapitalisation hurdle
3 banks to merge
Earlier, Legit.ng reported that DataPro’s Enterprise Risk Management analyst, Idris Shittu, said the recapitalisation drive has created a highly active mergers and acquisitions environment as weaker players race against time.
Shittu noted that three major bank mergers are expected before the end of the first quarter of 2026 as lenders scramble to beat the March deadline.
According to him, the rush to consolidate is already triggering intense “war room” discussions focused on deal execution, regulatory approvals and risk containment.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
