With the March 31, 2026 deadline drawing closer, Nigeria’s banking sector is witnessing accelerated activity as lenders race to comply with the Central Bank of Nigeria’s (CBN) recapitalisation requirements.
Contrary to widespread claims that only 19 banks have met the new benchmarks, industry data as of January 2026 indicate stronger progress. About 22 of the country’s 34 banks have now secured their licences under the CBN’s revised capital rules, reflecting a sharper-than-expected compliance momentum.
The recapitalisation exercise, which is reshaping the structure of the banking industry, has raised concerns among customers about the safety of their deposits and the future of their banks. However, the evolving figures suggest a sector steadily aligning with regulatory expectations.
Under the new framework, the CBN pegged minimum paid-up capital at ₦500 billion for international banks and ₦200 billion for national banks. Retained earnings are excluded, meaning banks must raise fresh capital to qualify.
Several tier-one banks have already crossed the international banking threshold. Access Bank, Zenith Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), First Bank and Fidelity Bank have all exceeded the ₦500 billion requirement, securing their international licences.
On the national banking front, FCMB, Wema Bank, Standard Chartered and Citibank have met the ₦200 billion benchmark. FCMB, however, is still pushing to raise additional capital to transition to an international banking licence.
Other lenders that have successfully cleared the recapitalisation bar include Stanbic IBTC, Sterling Bank, Providus Bank, Globus Bank and Premium Trust Bank.
The exercise has also triggered a wave of mergers, acquisitions and strategic licence adjustments. Unity Bank and Providus Bank are in advanced talks to merge, a move expected to produce one of Nigeria’s top 10 banks by assets. Titan Trust Bank has completed its integration with Union Bank, strengthening its capital position and market standing.
In a strategic shift, Nova Bank opted for a regional banking licence, which requires ₦50 billion in paid-up capital, allowing it to concentrate on niche, high-end banking services.
Non-interest banks have also recorded full compliance. Jaiz Bank, Taj Bank and Lotus Bank have all met the ₦20 billion capital requirement for Islamic banking, underscoring the growing resilience of niche financial institutions.
For the few banks yet to meet the threshold, the final weeks before the deadline are expected to be decisive, with last-minute mergers and private equity injections likely.
For customers, analysts say the recapitalisation drive signals a stronger, more transparent and better-capitalised banking system, designed to withstand shocks and restore confidence in Nigeria’s financial sector.
