With six and a half months to the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, no fewer than 12 banks have successfully met the new capital requirements, positioning themselves for the next phase of Nigeria’s banking reforms.
The CBN in March 2024 raised minimum paid-up capital to N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks. Non-interest banks were set at N20 billion and N10 billion respectively. The directive excludes retained earnings, compelling lenders to raise fresh equity, restructure, or merge.
Findings show that Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Jaiz Bank, Lotus Bank, Greenwich Merchant Bank, Premium Trust Bank, and Globus Bank have all crossed the threshold.
Analysts say the compliance reflects strong investor appetite and confidence in the sector despite Nigeria’s tight monetary climate.
Access Holdings was the first mover, raising N365 billion through a rights issue, while Zenith Bank followed with over N350 billion in new equity. GTBank shored up its capital with N365.85 billion from parent company GTCO, boosting its paid-up capital from N138 billion to N504 billion.
Stanbic IBTC leveraged support from its South African parent, Standard Bank, to meet its own target. Wema Bank aggressively raised N200 billion for the national tier, buoyed by its ALAT digital banking platform.
Providus Bank also achieved compliance, while Globus Bank crossed the N200 billion mark after raising N102 billion this year, though it still awaits regulatory confirmation.
Premium Trust Bank chief executive, Emmanuel Efe Emefienim, described exceeding the requirement as “a defining moment” for the young bank.
“Exceeding the N200 billion capital requirement is a defining moment. This achievement in just three years reflects our performance and the trust of shareholders and regulators,” he said.
Among specialised institutions, Greenwich Merchant Bank firmed up its position through fresh injections and debt-to-equity conversions. In the non-interest category, Jaiz Bank and Lotus Bank have both surpassed their thresholds, reinforcing their niche in Islamic and alternative banking.
However, several banks are still short of the new benchmark. Industry watchers predict that many will have to pursue mergers, acquisitions, or risk licence downgrades if they fail to meet the CBN’s capital requirements by the deadline.
Leave a Reply