CBN Confirms 30 Banks Have Met Recapitalisation Targets, Five Banks Remaining

As of Thursday, 12th March 2026, 30 out of 35 banks operating in Nigeria have met the recapitalisation targets set by the Central Bank of Nigeria (CBN), the regulator announced. The remaining five banks have 19 days to comply before the 31st March deadline.

Two of the banks, Union Bank and Unity Bank, are already engaged in merger arrangements, which effectively satisfy the capital requirement.

The current recapitalisation programme, launched in 2024 and based on directives formalised in March of that year, requires banks to hold capital proportional to their operational scope:

• International commercial banks: Minimum ₦500 billion (up from ₦50 billion)

• National commercial banks: Minimum ₦200 billion (up from ₦25 billion)

• Regional commercial banks: Minimum ₦50 billion (up from ₦10 billion)

• Non-interest banks: ₦20 billion for national licenses and ₦10 billion for regional licenses

This initiative mirrors a similar major banking sector reform in 2004, which strengthened the industry’s resilience, reduced the number of banks from 89 to 25, and enabled institutions to handle larger operations. The current reform aims to fortify capital bases, enhance balance sheet strength, support international expansion, and ensure more stable economic growth.

Among the banks meeting the Tier-1 international license requirement of ₦500 billion are Access Bank, Zenith Bank, GTBank, UBA, and First Bank. 

Tier-2 and national license banks, including Fidelity Bank, FCMB, Ecobank Nigeria, Stanbic IBTC, Sterling Bank, Wema Bank, Citibank Nigeria, and Standard Chartered Nigeria, have also complied.

Regional banks meeting the ₦50 billion requirement include Signature Bank, Parallax Bank, and SunTrust Bank, while merchant banks such as FSDH, Greenwich, Nova, Rand, and Coronation have similarly upgraded their capital. Non-interest banks, including Jaiz Bank, Lotus Bank, TAJBank, and AltBank, have fulfilled their minimum capital obligations.

The 35 banks currently operating in Nigeria include both domestic and foreign institutions: Access Bank, Citibank Nigeria, Ecobank Nigeria, Fidelity Bank, First Bank, FCMB, Globus Bank, Guaranty Trust Bank, Jaiz Bank, Keystone Bank, Lotus Bank, Optimus Bank, Parallax Bank, Polaris Bank, Premium Trust Bank, Providus Bank, Signature Bank, Stanbic IBTC, Standard Chartered Bank Nigeria, Sterling Bank, SunTrust Bank, TAJBank, The Alternative Bank, Titan Trust Bank, Union Bank, UBA, Unity Bank, Wema Bank, Zenith Bank, Greenwich Merchant Bank, Alpha Morgan Bank, Nova Merchant Bank, Rand Merchant Bank, FBNQuest Merchant Bank, and Coronation Merchant Bank.

With just weeks remaining to the deadline, the banking sector is on track to emerge stronger, more resilient, and capable of supporting Nigeria’s economic growth and financial stability.

ELIJAH ADEYEMI