See the Two Nigerian Banks Who Meet CBN’s ₦500 Billion Target

Two of Nigeria’s biggest banks, Zenith Bank and Access Bank have officially crossed the ₦500 billion recapitalisation mark set by the Central Bank of Nigeria (CBN), making them the first to meet the ambitious requirement ahead of the March 31, 2026 deadline.

The CBN’s new directive, aimed at strengthening the banking sector and preparing it for global competition, demands a minimum capital base of ₦500 billion for commercial banks with international licenses. 

While many banks are still working towards this goal, Zenith and Access have already delivered.

How much did they raise?

According to recent financial reports, Zenith Bank currently holds a combined share capital and premium of ₦614.65 billion, while Access Bank follows closely with ₦594.90 billion. 

These figures not only exceed the CBN’s minimum threshold but also place the two institutions well ahead of many of their peers.

What about the others?

Other top-tier banks are making steady progress. Ecobank and Guaranty Trust Bank (GTBank) are said to be trailing with capital levels around ₦353.51 billion and ₦345.30 billion respectively. 

Fidelity Bank, despite facing a ₦225 billion Supreme Court ruling linked to an old acquisition, is also expected to bounce back into the tier-1 circle by 2025, thanks to its capital growth strategy.

Changing Banking Landscape

Analysts believe this recapitalisation wave signals more than just a regulatory mandate, it’s part of a deeper shift in Nigeria’s banking industry. 

With evolving customer expectations, digital disruption, and increasing competition, banks are being forced to rethink their capital structures, balance sheets, and long-term strategies.

Interestingly, while Zenith Bank currently leads in capital, Ecobank is gaining ground in asset growth especially due to its expanding presence in Francophone West Africa. This has led to a reordering in how banks are ranked, with asset size becoming just as important as capital strength.

What this means for the sector

While some banks may struggle to meet the deadline, most are actively raising funds, restructuring, or merging to strengthen their positions.

The recapitalisation is expected to improve capital adequacy, risk management, and the overall health of the banking system.