No fewer than 34 banks have met the new minimum capital requirements set by the Central Bank of Nigeria (CBN), just eight days before the March 31, 2026 deadline for the industry-wide recapitalisation exercise.
A provisional list reviewed over the weekend indicates that all major banks with international banking licences—accounting for over 70 per cent of the industry—have successfully scaled the new capital threshold, alongside most national banks.
The apex bank is expected to release a final status report next week, providing clarity on the full compliance level across the sector.
Under the revised framework introduced in March 2024, banks are required to meet new minimum capital levels based on share capital and share premium, replacing the previous reliance on shareholders’ funds.
Among those that have surpassed the N500 billion requirement for international licences are Guaranty Trust Holding Company (GTCO), FCMB Group, Fidelity Bank, Zenith Bank, Access Holdings, First HoldCo and United Bank for Africa (UBA).
The list also shows that at least 10 national banks have met the N200 billion requirement, while several regional banks have complied with the N50 billion minimum for their category.
In the non-interest banking segment, all operators—including Jaiz Bank, Lotus Bank, Taj Bank and The Alternative Bank—have met the N20 billion capital requirement, signalling strong growth in Islamic finance.
However, the CBN is expected to provide further guidance on three banks under regulatory intervention—Polaris Bank, Keystone Bank and Union Bank of Nigeria—which may not follow the same recapitalisation timeline due to ongoing legal and structural issues.
CBN Governor Olayemi Cardoso assured that depositors’ funds in the affected institutions remain secure, noting that the apex bank is working with stakeholders to ensure a stable and orderly outcome.
