Stanbic IBTC, Jaiz Bank, Lotus Bank, Access Bank, Wema Bank, Zenith Bank, and Providus Bank have successfully met the recapitalisation requirements set by the Central Bank of Nigeria (CBN), demonstrating significant progress in the banking sector’s capital strengthening efforts ahead of the March 2026 deadline.
Stanbic IBTC achieved compliance through a robust rights issue, raising ₦148.7 billion with a 21.9% oversubscription, resulting in a total capital injection of ₦181.4 billion. The parent company injected ₦140 billion directly into Stanbic IBTC Bank, reinforcing its operational capacity and positioning it for sustainable growth and innovation. This move exceeded the CBN’s ₦200 billion recapitalisation mandate for national banks and reflects strong shareholder confidence in the bank’s strategic vision.
Similarly, Access Bank was the first tier-1 lender to surpass the ₦500 billion capital base required for banks with international licences. It raised ₦351 billion via a rights issue, boosting its capital to ₦600 billion, well above the regulatory minimum.
Zenith Bank completed a ₦350.4 billion capital raise through rights issues and public offerings, increasing its share capital to ₦614.65 billion, exceeding the ₦500 billion threshold for international banks by ₦114.65 billion.
Jaiz Bank, a non-interest bank, met its capital requirements by listing ₦10.04 billion from a private placement on the Nigerian Exchange, surpassing the ₦10 billion regional non-interest bank threshold early on.
Lotus Bank, also a non-interest lender, had already exceeded the ₦20 billion capital floor for national non-interest banks before the CBN directive, thus meeting requirements efficiently.
Wema Bank is on track to meet the ₦200 billion recapitalisation target for national banks following a rights issue and special placements totalling around ₦150 billion, signaling strong preparation to close any capital gaps.
Providus Bank, which recently merged with Unity Bank, is actively engaged in recapitalisation efforts as part of its business combination strategy, awaiting regulatory approvals to proceed with further capital raises. This merger and recapitalisation move is critical to maintain the national banking licence amid the new capital regime.
Other banks like Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and First Bank Holdings remain in the process of capital raising, with GTBank targeting ₦400.5 billion in capital and UBA aiming to close a ₦144.8 billion capital gap before year-end. Some smaller banks and those under government control like Union Bank, Polaris Bank, and Keystone Bank have yet to publicly disclose recapitalisation plans.
The CBN’s directive, announced in March 2024, requires banks with:
International licences to raise minimum capital to ₦500 billion,
National banks to at least ₦200 billion,
Regional banks to ₦50 billion,
Non-interest national banks to ₦20 billion,
Non-interest regional banks to ₦10 billion.
This recapitalisation drive aims to strengthen the Nigerian banking sector’s financial resilience, improve lending capacities, and enable banks to better support economic growth.
In summary, the efforts by these banks to comply ahead of schedule underscore a sector-wide push for enhanced capitalization, operational robustness, and regulatory adherence. This trend is expected to continue as smaller banks consider mergers or licence downgrades to meet capital thresholds. Foreign-owned banks like Standard Chartered and Citibank Nigeria are also better positioned due to support from their international parents.
The recapitalisation initiative marks a key step toward a more stable, competitive, and innovation-driven banking environment in Nigeria. It signals stronger financial institutions ready to support diverse client needs in a dynamic economic landscape.