CBN Names Nigerian Banks That Have Met the New Capital Requirements

The Central Bank of Nigeria (CBN) says 20 deposit money banks (DMBs) have already met the new capital requirements under its ongoing recapitalisation programme, as the March 31, 2026 deadline draws closer. 

The update was delivered in Lagos during the presentation of the Nigerian Economic Summit Group’s (NESG) 2026 Macroeconomic Outlook, where the apex bank also signalled a shift in attention, it wants stronger bank balance sheets to result in real lending to the productive economy, not just bigger figures on paper.

What is CBN trying to achieve?

CBN officials have framed recapitalisation as part of a bigger national ambition, building financial institutions strong enough to support Nigeria’s push toward a trillion-dollar economy. 

In practical terms, the bank’s message is simple: if banks raise more capital, they should be able to take larger, longer-term risks, fund bigger projects, and expand access to credit especially for SMEs and businesses that need patient funding.

Just as important, the CBN has been explicit that recapitalisation is not the end goal. 

The regulator says its focus is now moving toward ensuring that the strengthened capital base translates into “productive, well-targeted, and sustainable” credit, particularly to priority sectors that drive inclusive growth.

The new capital rules in plain English

Under the new framework announced in March 2024, minimum capital bases were reset as follows: ₦500 billion for commercial banks with international authorisation, ₦200 billion for national authorisation, and ₦50 billion for regional authorisation.

For existing banks, the CBN also clarified what counts toward meeting the requirement: paid-in capital (paid-up capital plus share premium). Items like bonus issues and certain reserves are not recognised for meeting the new minimum threshold. The compliance window runs from April 1, 2024 to March 31, 2026.

Banks reported as having met the new requirements

Based on reporting from the recapitalisation update (covering banks meeting thresholds for international, national, or regional licences), the 20 banks listed as compliant are:

1. Access Bank Plc
   
2. Zenith Bank Plc
   
3. United Bank for Africa (UBA) Plc
   
4. Fidelity Bank Plc
   
5. Guaranty Trust Bank / GTCO
   
6. First HoldCo Plc / First Bank of Nigeria
   
7. Ecobank Nigeria
   
8. Citibank Nigeria Limited
   
9. Stanbic IBTC Bank
   
10. Wema Bank Plc
    
11. Premium Trust Bank
    
12. Globus Bank
    
13. Providus Bank
    
14. Lotus Bank
    
15. Jaiz Bank
    
16. Unity Bank (via merger structure referenced in the report)
    
17. Polaris Bank
    
18. The Alternative Bank (AltBank)
    
19. Sterling Bank / Sterling Financial Holdings
    
20. Nova Bank
    

Compliance is only step one: CBN’s warning to the banks

The apex bank’s position is that recapitalisation must show up in the real economy, through cheaper and broader credit access, particularly for SMEs. 

To enforce that outcome, the CBN says it has been strengthening regulatory oversight and deploying technology-driven monitoring to track how banks deploy their enhanced capital, with a readiness to intervene where needed.

The CBN also points to a wider development finance gap: Nigeria’s funding needs for critical sectors are estimated far above what existing development finance institutions can cover, which is why the strategy increasingly emphasises mobilising private capital locally and internationally.

What happens next – capital raises, restructuring and likely mergers

With the deadline fixed for March 31, 2026, banks that are not yet fully compliant have limited options: raise fresh equity, attract strategic investors, pursue mergers, or adjust licence scope where applicable.

And consolidation is already in the conversation. A sector outlook by rating firm DataPro projects that at least three bank mergers could happen in early 2026 as smaller lenders scramble to meet the recapitalisation deadline.