CBN Confirms Nigerian Commercial Banks That Have Met New Capital Requirements
- The CBN says 20 deposit money banks have met the new recapitalisation requirements
- The disclosure was made at the 2026 Macroeconomic Outlook event in Lagos
- The apex bank says recapitalisation aims to support Nigeria’s trillion-dollar economy goal
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) has disclosed that 20 deposit money banks (DMBs) have successfully met the new capital requirements introduced under the ongoing banking recapitalisation programme.
Source: Getty Images
The disclosure was made by the Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, during the launch of the Nigerian Economic Summit Group’s (NESG) 2026 Macroeconomic Outlook in Lagos, The Sun reported.
According to Abdullahi, the recapitalisation exercise is progressing steadily as the March deadline approaches, with several other banks currently finalising their compliance.
Recapitalisation aimed at building strong institutions
He explained that the objective of the programme goes beyond increasing bank capital, noting that the initiative is designed to build stronger financial institutions capable of supporting Nigeria’s ambition of becoming a trillion-dollar economy.
The CBN official stressed that a stronger banking sector must translate into increased access to affordable credit, particularly for small and medium-sized enterprises (SMEs) and businesses that require long-term funding.
Abdullahi added that the apex bank is paying close attention to how banks deploy their strengthened capital, warning that recapitalisation alone is not enough without productive and sustainable lending.
Increased capita to boost lending
He said the CBN has enhanced its regulatory oversight by deploying technology-driven monitoring systems to ensure that increased bank capital is channelled to priority sectors of the economy, particularly providing credit support.
Speaking further, he highlighted Nigeria’s wider development finance challenge, estimating that the country requires about N230 trillion to fund critical sectors.
He noted that this far exceeds the combined capital base of development finance institutions, which remains below N9 trillion.
He added that efforts are now focused on mobilising private sector funding, both locally and internationally, while correcting incentives within development finance institutions to ensure efficient use of funds.
Abdullahi explained that the Ministry of Finance is leading Nigeria’s development finance strategy, with the CBN providing regulatory backing to support sustainable economic growth.
List of commercial banks that have met the capital requirements for international, national or regional licences:
1. Access Bank Plc.
2. Zenith Bank Plc.
3. United Bank for Africa (UBA) Plc.
4. Fidelity Bank Plc.
5. GTBank / GTCO (Guaranty Trust Bank).
6. First HoldCo Plc / First Bank of Nigeria.
7. Ecobank Nigeria.
8. Citibank Nigeria Limited.
9. Stanbic IBTC Bank.
10. Wema Bank Plc.
11. Premium Trust Bank.
12. Globus Bank.
13. Providus Bank.
14. Lotus Bank.
15. Jaiz Bank.
16. Unity Bank (via merger with Titan Trust Bank/Union Bank entity).
17. Polaris Bank.
18. The Alternative Bank (AltBank).
19. Sterling Bank / Sterling Financial Holdings
20. Nova Bank
Source: Getty Images
Banks may merge
Legit.ng reported that at least three bank mergers were expected in early 2026, driven by mounting pressure to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirements.
The anticipated mergers come as the March 31, 2026, recapitalisation deadline draws closer, forcing smaller lenders to pursue strategic combinations to survive intensifying regulatory and market scrutiny.
This projection was disclosed by credit rating agency DataPro in its 2026 Banking Sector Prospects in Nigeria, which outlines both opportunities and risks shaping the industry in the year ahead. By the end of 2025, most Tier-1 banks had already met the revised minimum capital threshold set by the CBN. However, the picture is less comfortable for Tier-2 and smaller banks.
Source: Legit.ng
