Thirty (30) banks out of the 35 banks operating in the country have met the recapitalisation requirement of the Central Bank of Nigeria (CBN).
The remaining five banks have 19 more days to meet the recapitalisation deadline which ends on 31st March 2026.
However, two are already in merger arrangements, and with that they met the recapitalisation requirement.
The banks are Union Bank and Unity Bank.
It will be recalled that the recapitalisation programme was announced in November 2023 and formalized in CBN directives published on March 28, 2024.
The recapitalisation requires each bank category to hold capital proportional to its operational scope.
International commercial banks must raise their capital from N50 billion to N500 billion, national commercial banks must increase from N25 billion to N200 billion. Regional commercial banks must reach a minimum capital of N50 billion, up from N10 billion previously.
For non-interest banks, the thresholds are set at N20 billion for national licenses, and N10 billion for regional licenses.
Nigeria is conducting a second major banking sector recapitalisation. In 2004, the CBN raised capital levels from N2 billion to N10 billion for regional banks, to N25 billion for national banks and to N50 billion for international banks.
That reform led to sector consolidation, reducing the number of banks from 89 to 25. It also created larger institutions capable of withstanding economic shocks and financing bigger operations.
The recapitalisation launched in 2024 is also pursuing the same objectives: to strengthen capital bases, improve balance sheet soundness, facilitate banks’ international expansion and support more stable economic growth.
Banks that met recapitalisation
Tier-1 banks with international license (N500bn minimum)
- Access Bank
- Zenith Bank
- GTBank
- UBA
- First Bank
Tier-2 banks
- Fidelity Bank
- FCMB
National License
Tier-2 banks
8. Ecobank Nigeria
- Stanbic IBTC
- Sterling Bank
- Wema Bank
- Citibank Nigeria
- Standard Chartered Nigeria
Tier-3 banks - Globus Bank
- PremiumTrust Bank
- Providus Bank/Unity Bank.
- Alpha Morgan Bank
- Titan Trust Bank/Union Bank
- Optimus Bank
Regional banks (N50bn minimum) - Signature Bank
- Parallax Bank
- SunTrust Bank
Merchant banks (N50bn minimum) - FSDH Merchant Bank
- Greenwich Merchant Bank
- Nova Merchant Bank
- Rand Merchant Bank
- Coronation Merchant Bank.
Non-interest banks N20bn minimum) - Jaiz Bank
- Lotus Bank
- TAJBank
- AltBank
The 35 banks operating in the country are:
Access Bank Plc
Citibank Nigeria Limited
Ecobank Nigeria Limited
Fidelity Bank Plc
First Bank of Nigeria Limited
First City Monument Bank (FCMB) Limited
Globus Bank Limited
Guaranty Trust Bank Limited
Jaiz Bank Plc (Non-Interest)
Keystone Bank Limited
Lotus Bank Ltd (Non-Interest)
Optimus Bank
Parallex Bank Ltd
Polaris Bank Plc
Premium Trust Bank
Providus Bank
Signature Bank Ltd
Stanbic IBTC Bank Plc
Standard Chartered Bank Nigeria Ltd
Sterling Bank Plc
Sun Trust Bank Nigeria Limited
Taj Bank (Non-Interest)
The Alternative Bank (Non-Interest)
Titan Trust Bank Ltd
Union Bank of Nigeria Plc
United Bank for Africa Plc (UBA)
Unity Bank Plc
Wema Bank Plc
Zenith Bank Plc
Greenwich Merchant Bank
Alpha Morgan Bank Limited
Nova Merchant Bank
Rand Merchant Bank
FBNQuest Merchant Bank
Coronation Merchant Bank
