Recapitalisation: 19 Banks Meet Requirements Ahead March Deadline

Nineteen (19) banks in Nigeria have met the new capital requirements ahead of the March 31, 2026 deadline set by the Central Bank of Nigeria (CBN).

The banks that have met the requirements include First Bank Nigeria, Fidelity Bank, and FSDH Merchant Bank, in addition to the 16 banks that met the requirements last year, such as Access Holdings, Zenith Bank, and GTBank.

Fidelity Bank raised approximately N250 billion through a private placement, exceeding its estimated capital gap of N194.5 billion. The bank aims to meet the CBN’s N500 billion minimum capital requirement for banks with international authorization by the deadline.

Analysts expect more banks to conclude their recapitalization plans between next week and the end of the month.

The CBN Governor, Olayemi Cardoso, has confirmed the progress of banks in meeting the deadline, stating that several banks have already met the new capital thresholds.

Some banks are still fine-tuning their capital plans, and mergers and acquisitions are becoming increasingly likely as banks court new investors.

The race for capital has triggered strategic realignments, with Nova Bank downgrading its license to regional banking status and Union Bank merging with Titan Trust Bank.