30 banks meet CBN recapitalisation rules 19 days to deadline
2026-03-12 - 15:59
By Peter Egwuatu, Assistant Business Editor As at today, 12th March 2026, 30 banks out of the 35 banks operating in the country have met the recapitalisation requirement of the Central Bank of Nigeria, CBN, according to findings by Vanguard. 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. This is the second time 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 Vanguard News