Nigeria’s Bank Recapitalization: Progress with 6 Months to Deadline
The Central Bank of Nigeria (CBN) initiated a major banking sector recapitalization program in April 2024, requiring banks to meet significantly higher minimum capital thresholds by March 31, 2026. The targets vary by license type:
- Commercial banks with international authorization: ₦500 billion
- Commercial banks with national or regional authorization: ₦200 billion or ₦50 billion, respectively
- Merchant banks: ₦50 billion
- Non-interest banks: Similar tiered requirements up to ₦50 billion
This 24-month window aims to strengthen banks’ resilience amid economic challenges like inflation and currency volatility, potentially leading to mergers, acquisitions, or license downgrades for non-compliant institutions. With only about 6 months remaining (as of September 2025), progress has been uneven. Recent reports indicate that only 6 listed banks have fully met or exceeded their respective targets, while others are still fundraising through rights issues, private placements, or mergers.
Banks That Have Met the Recapitalization Target
Based on the latest available data from mid-2025, here is the list of the 6 listed banks that have successfully complied:
| Bank Name | License Type | Target Capital (₦ billion) | Status Notes |
|---|---|---|---|
| Access Bank | International | 500 | Exceeded target through capital raises and mergers. |
| Zenith Bank | International | 500 | Exceeded target via public offers and internal generation. |
| GTBank (Guaranty Trust Bank) | International | 500 | Completed recap via public offer in July 2024 and additional raises. |
| Ecobank | International | 500 | Achieved through regional support and equity issuance. |
| Fidelity Bank | National | 200 | Met target ahead of schedule with private placements. |
| Wema Bank | National | 200 | Fully compliant following rights issue completion. |
Note: First Bank was previously reported as on track but not yet fully confirmed in the most recent updates; it may have joined the list by now, potentially bringing the total to 7 in some accounts. Figures are approximate and subject to CBN verification.
Challenges and Outlook for Remaining Banks
- Mid-tier and smaller banks (e.g., Union Bank, Polaris Bank, Keystone Bank, Unity Bank) are lagging, with some entering mergers (like Providus-Unity or Union-Titan Trust) or seeking CBN accommodations.
- Over 10 banks face risks of consolidation or license downgrades if they miss the deadline.
- The CBN has raised ₦4.14 trillion in total capital needs across the sector, with top-tier banks leading the effort.
For the most current updates, monitor CBN announcements or the Nigerian Exchange (NGX) filings, as fundraising is ongoing.