Nigerian banks are working hard to meet the central bank’s new capital needs. This change should make banks stronger and help them support the country’s economic growth.
This recapitalisation plan, starting in 2024, sets different capital amounts for different bank types: N500 billion for international commercial banks, N200 billion for national banks, and N50 billion for regional banks. For non-interest banks, the amounts are N20 billion (national) and N10 billion (regional).
Banks have until March 31, 2026, to meet these goals. Because of this, many are selling new shares, talking about mergers, and changing how their finances are set up.
This is like what happened in 2004 when the central bank governor, Charles Soludo, made banks raise their capital to N25 billion from N2 billion. That move reduced the number of banks from 89 to 25, creating stronger banks.
As of January 8, 21 banks have already completed the new capital raise. Access Bank, the biggest bank in the country by assets, was first to get there.
International Banks:
Access Bank
Access Bank raised N351 billion through a rights issue, making it the first Nigerian bank to meet the new N500 billion capital base. This involved offering 17.77 billion ordinary shares at N19.75 each. With a total of N602.8 billion in share premium and paid-up capital, the bank is N102.8 billion above the central bank’s requirement.
Zenith Bank
Zenith Bank has also finished its recapitalisation, raising over N350 billion through rights issues and public offers. The bank’s share capital is now N614 billion, which is more than what is needed for international banks.
First HoldCo (First Bank)
First HoldCo Plc has also met the central bank’s N500 billion minimum capital requirement. The bank says it did this through several steps, including a Rights Issue, a Private Placement, and using money from selling its merchant banking part.
GTCO
Guaranty Trust Holding Company (GTCO) is another bank that has met its capital requirements. It raised its capital through a program, raising over N209 billion in the first part (late 2024/early 2025). It plans to raise more money, including a recent private placement for N10 billion, to make its banking part (GTBank) stronger and fund group growth. This increases GTBank’s paid-up capital to over N504 billion, meeting the new rules.
UBA
United Bank for Africa raised N178.3 billion through a rights issue, bringing its capital base above the N500 billion minimum set by the central bank for international banks.
This capital raise, which ended in September 2025, follows a N239 billion injection in November 2024 that raised the bank’s capital to N355.2 billion. Together, these moves put UBA above the central bank’s recapitalisation amount before the March 2026 deadline, pending official confirmation.
Fidelity Bank
Fidelity Bank has also met the new capital needs early. The bank’s capital is now N564.5 billion, up from N305.5 billion. This increase happened through a private placement approved by shareholders on February 6, 2025, allowing the bank to issue up to 20 billion ordinary shares.
This fundraising is the peak of Fidelity’s recent efforts to raise capital. In 2024, the bank raised N175.85 billion through a public offer and rights issue, bringing its capital to N305.5 billion. This left it N194.5 billion short of the new minimum capital.
National Banks:
Wema Bank
Wema Bank also announced that it has completed its recapitalisation by raising N150 billion through a rights issue of 14.29 billion shares at N10.45 per share, completed on May 21, 2025. The bank is waiting for final verification from the central bank, with a N50 billion part of the offer currently being looked at by the Securities and Exchange Commission (SEC), according to social media posts.
Citibank Nigeria
Citibank Nigeria Limited (Citi) has also announced that it has met the central bank’s new minimum capital requirement of N200 billion for national commercial banks. The bank didn’t say how the capital was raised.
Standard Chartered Bank
Standard Chartered Bank Nigeria also said last November that it had met the N200 billion capital amount through support from its UK parent company.
Ecobank Nigeria
Ecobank is also among the banks that have met the recapitalisation goal, raising the minimum paid-up capital for a national bank.
Globus Bank
Globus Bank met its capital requirement by raising N52.9 billion in 2024 to increase its capital to N98.6 billion. It then raised another N102 billion in 2025 through rights issues and private placements. This raise, fully subscribed by current shareholders, took its capital above N200 billion.
Stanbic IBTC
Stanbic IBTC has also met the capital amount set for national banks, raising N200 billion through a rights issue and a direct capital injection from its parent company.
PremiumTrust Bank
PremiumTrust Bank has met the N200 billion minimum capital requirement for National Commercial Banks before the March 2026 deadline set by the central bank, becoming the third national bank to do so.
This new bank, only three years old, exceeded the new capital requirement after finishing a rights issue and private placement with central bank approval in August, making it one of the first to meet the new rule.
Providus Bank
Providus Bank also completed its recapitalisation through a sealed strategic merger with Unity Bank. This makes Providus–Unity the first approved merger under the central bank’s recapitalisation program announced earlier in 2024.
Other banks that have met the new capital requirement include merchant banks like FSDH Merchant Bank, Greenwich Merchant Bank, Nova Bank, and Rand Merchant Bank.
Non-interest banks like Jaiz Bank, Lotus Bank, and TAJBank have also increased their capital ahead of the central bank deadline.
