Twenty-three commercial and specialised banks have successfully met the recapitalisation requirements set by the Central Bank of Nigeria ahead of the March 31, 2026 deadline, signalling significant progress in the ongoing banking sector reforms.
The recapitalisation policy, introduced to strengthen the financial system, mandates banks to shore up their capital base in line with their operational licences. While several institutions have complied, 14 banks are yet to meet the new thresholds, with just five weeks remaining before the deadline.
Banks with International Licence (₦500 Billion Minimum)
The following banks have met the ₦500 billion minimum capital requirement for international operations:
Zenith Bank
Access Bank
First Bank of Nigeria
Guaranty Trust Bank (GTBank/GTCO)
United Bank for Africa (UBA)
Fidelity Bank Nigeria
Banks with National Licence (₦200 Billion Minimum)
The banks that have satisfied the ₦200 billion requirement for national banking operations include:
Ecobank Nigeria
Stanbic IBTC Bank
Sterling Bank
Wema Bank
Citibank Nigeria
Standard Chartered Bank Nigeria
Globus Bank
PremiumTrust Bank
Providus Bank
Non-Interest Banks (₦20 Billion Minimum)
Four non-interest banks have also met the ₦20 billion capital requirement:
Jaiz Bank
Lotus Bank
TAJBank
AltBank
Merchant Banks (₦50 Billion Minimum)
The following merchant banks have met the ₦50 billion threshold:
FSDH Merchant Bank
Greenwich Merchant Bank
Nova Merchant Bank
Rand Merchant Bank Nigeria
What Happens Next?
With the deadline fast approaching, banks that fail to comply risk regulatory actions, including possible licence downgrades, restrictions on operations, or forced mergers and acquisitions.
However, the Governor of the Central Bank, Olayemi Cardoso, reassured depositors that their funds remain secure regardless of the outcome. According to him, the apex bank has put safeguards in place to protect customers and maintain stability within the financial system.
The recapitalisation exercise is widely viewed as a strategic move to strengthen Nigerian banks, enhance their ability to finance large-scale projects, and position the sector for sustainable growth in a challenging economic environment.
As the countdown continues, attention now shifts to the remaining non-compliant banks and the steps they will take to meet regulatory expectations before the March 31 deadline.