Full List: 34 Banks Meet CBN Recapitalisation Requirements Ahead of Deadline
- 34 banks have met the Central Bank of Nigeria recapitalisation thresholds ahead of March 31 deadline
- Checks show that major lenders with international and national licences have surpassed the capital requirement
- Most banks are expected to qualify, and no major disruption is anticipated across the banking system
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Ahead of the Central Bank of Nigeria’s March 31, 2026, recapitalisation deadline, 34 banks have already confirmed meeting the new minimum capital requirements.
A provisional list reviewed shows that all major banks with international licences controlling over 70% of industry assets, alongside most national banks, have successfully scaled the recapitalisation hurdle.
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The CBN is expected to release a final status report soon, the Nation reports.
The apex bank had, in March 2024, set March 31, 2026, as the deadline for the recapitalisation exercise.
List of banks to have met CBN requirements
The Nation reports that banks that have met CBN recapitalisation requirements include:
International banking licence (N500 billion threshold):
- Guaranty Trust Holding Company (GTCO)
- FCMB Group
- Fidelity Bank Plc
- Zenith Bank Plc
- Access Holdings Plc
- First HoldCo Plc
- United Bank for Africa (UBA)
National banking licence (N200 billion threshold):
- Stanbic IBTC Holdings Plc
- Wema Bank Plc
- Ecobank Nigeria
- Sterling Financial Holdings Company Plc
- Premium Trust Bank
- Standard Chartered Bank Nigeria
- Globus Bank
- Optimus Bank
- Citibank Nigeria
- Providus Bank–Unity Bank Plc consortium
Non-interest banking segment (N20 billion threshold):
- Jaiz Bank Plc
- Lotus Bank
- TAJ Bank
- The Alternative Bank
Regional banking licence (N50 billion threshold):
- Parallax Bank
- Signature Bank
- SunTrust Bank Nigeria
- Alpha Morgan Bank
- Nova Bank
- Tatum Bank
The CBN is also expected to clarify the status of three banks under regulatory intervention: Polaris Bank, Keystone Bank and Union Bank of Nigeria.
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CBN Governor Olayemi Cardoso had earlier noted that the three lenders may not follow the same recapitalisation timeline due to legal and structural challenges.
He said:
“We remain actively engaged with all relevant stakeholders to ensure an orderly and credible outcome while maintaining financial stability.”
Cardoso assured depositors that funds in the affected banks remain secure, with operations continuing under strict regulatory oversight.
In the merchant banking segment, most institutions have also met the N50 billion minimum capital base. These include Greenwich Merchant Bank, FSDH Merchant Bank, Rand Merchant Bank Nigeria, Quest Merchant Bank and Coronation Merchant Bank.
Meanwhile, Unity Bank Plc confirmed that its merger with Providus Bank has reached its final stages.
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, said the recapitalisation exercise is the most significant in Nigeria’s history, adding that it is unlikely to disrupt banking operations or result in job losses.
CBN approves as another bank begins operation in Nigeria
Legit.ng earlier reported that Bank78 MFB has officially commenced operations as a private digital lender in Nigeria.
The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience.
Source: Legit.ng
