0
0
Major Nigerian banks, including FirstBank, United Bank for Africa (UBA), Access Bank, and several others, have confirmed they have met the Central Bank of Nigeria’s (CBN) recapitalisation requirements.
The announcement comes ahead of the March 31, 2026 deadline set by the CBN for all financial institutions to raise their capital base.
As a result, the banks have reassured customers and investors of their financial strength and long-term stability.
CBN Recapitalisation Policy Explained
The Central Bank of Nigeria introduced the recapitalisation policy to strengthen the financial system. The policy aims to improve banks’ capacity to fund large economic projects and support national growth.
Under the policy, banks must meet the following minimum capital requirements:
-
International licence: ₦500 billion
-
National licence (commercial & merchant): ₦200 billion
-
Regional licence: ₦50 billion
-
Non-interest banks (national): ₦20 billion
-
Non-interest banks (regional): ₦10 billion
FirstBank Confirms ₦500bn Capital Threshold
First Bank of Nigeria Limited announced it has met the ₦500 billion requirement for banks with international licences.
The bank achieved this through a rights issue, private placement, and proceeds from divesting its merchant banking subsidiary.
According to the statement, the recapitalisation strengthens the group’s financial resilience and positions it for business expansion and innovation.
Group Managing Director, Wale Oyedeji, said the capital raise supports the bank’s long-term strategy and enhances value for stakeholders.
Access Bank Leads the Way
Access Bank became the first Nigerian bank to meet the ₦500 billion recapitalisation target.
Chairman of Access Holdings, Aigboje Aig-Imoukhuede, thanked the CBN, the Securities and Exchange Commission, and shareholders for their support.
He said the successful exercise reflects confidence in the bank’s vision and commitment to sustainable growth.
GTBank, UBA, Zenith Also Surpass Target
Guaranty Trust Bank confirmed it exceeded the ₦500 billion benchmark.
GTCO Chief Executive Officer, Segun Agbaje, described the recapitalisation as a major step toward expanding innovation, service quality, and regional presence.
Similarly, UBA announced it raised ₦178.3 billion through a rights issue, pushing its capital above the required threshold. The bank said the move strengthens its ability to support pan-African expansion.
Zenith Bank also surpassed the requirement after raising ₦350.4 billion through a public offer and rights issue. Its paid-up capital now stands at ₦614.65 billion.
Founder and Chairman, Jim Ovia, described the capital raise as a strong vote of confidence in the bank’s future.
23 Banks Meet CBN Requirements Nationwide
Other banks that have confirmed meeting their recapitalisation targets include:
Citibank Nigeria, Standard Chartered Nigeria, Wema Bank, Globus Bank, Ecobank Nigeria, PremiumTrust Bank, Rand Merchant Bank, FSDH Merchant Bank, Greenwich Merchant Bank, and Nova Bank.
In total, 23 Nigerian banks have now scaled the recapitalisation hurdle as of January 16, 2026.
Mergers Expected Before Deadline
Meanwhile, analysts say the recapitalisation drive has triggered increased merger activity in the banking sector.
DataPro analyst Idris Shittu revealed that at least three major bank mergers could be completed before the end of the first quarter of 2026.
According to him, banks that are yet to meet the requirement are holding intensive talks to beat the deadline and manage regulatory risks.
