Recapitalisation: 34 Banks Meet New Capital Rules as Deadline Approaches

Thirty-four banks in Nigeria have met new minimum capital requirements set by the Central Bank of Nigeria (CBN), with eight days remaining before the March 31, 2026 deadline.

A provisional list reviewed on Sunday shows that all major banks holding international licences—accounting for more than 70 percent of the sector—have complied. Most nationally licensed banks have also reached the required thresholds. The CBN is expected to release a final compliance report next week.

The recapitalisation programme, introduced in March 2024, revised how banks calculate qualifying capital. Institutions must now rely on share capital and share premium rather than total shareholders’ funds.

Among those that have exceeded the ₦500 billion requirement for international licences are Guaranty Trust Holding Company, Zenith Bank, Access Holdings and United Bank for Africa.

Ten national banks have met the ₦200 billion benchmark, including Stanbic IBTC Holdings and Wema Bank. A merger between Unity Bank and Providus Bank—approved by regulators—is in its final stages and has lifted their combined capital above the required level.

All four non-interest banks operating under Islamic finance principles have also met the ₦20 billion threshold. These include Jaiz Bank and Lotus Bank.

Six regional banks, which are restricted to specific geographic areas, have achieved the ₦50 billion requirement. Merchant banks have largely met their own ₦50 billion capital targets as well.

Three institutions under regulatory intervention—Polaris Bank, Keystone Bank and Union Bank of Nigeria—may follow a separate timeline due to legal and structural issues, according to CBN Governor Olayemi Cardoso. He said depositor funds remain secure and that the banks continue to operate under close supervision.

Industry analysts say the current exercise has achieved higher compliance levels than previous recapitalisation efforts. Many expect most remaining banks to meet the requirements before the deadline, as institutions finalise private capital injections and regulatory approvals.

The CBN has not indicated any plans for extensions, maintaining that the process is designed to strengthen financial stability without disrupting banking services or employment.