30 Nigerian Banks meet CBN recapitalisation rarget ahead of deadline

As of March 12, 2026, no fewer than 30 out of the 35 banks operating in Nigeria have met the recapitalisation requirement set by the Central Bank of Nigeria (CBN), according to findings.

The remaining five banks now have 19 days to comply with the directive, as the deadline for the exercise is March 31, 2026.

However, two of the banks yet to meet the requirement — Union Bank and Unity Bank — are already involved in merger arrangements, which are expected to help them meet the recapitalisation threshold.

The recapitalisation programme was first announced by the CBN in November 2023 and later formalised through directives issued on March 28, 2024.

Under the policy, banks are required to hold capital proportional to the scope of their operations.

International commercial banks must increase their capital base from ₦50 billion to ₦500 billion, while national commercial banks are required to raise theirs from ₦25 billion to ₦200 billion.

Regional commercial banks must now meet a minimum capital base of ₦50 billion, up from the previous ₦10 billion requirement.

For non-interest banks, the capital threshold has been set at ₦20 billion for national licences and ₦10 billion for regional licences.

This marks the second major banking sector recapitalisation exercise in Nigeria. In 2004, the CBN raised minimum capital requirements from ₦2 billion to ₦10 billion for regional banks, ₦25 billion for national banks and ₦50 billion for international banks.

The 2004 reform led to significant consolidation within the banking sector, reducing the number of banks from 89 to 25 and creating stronger institutions capable of withstanding economic shocks and financing larger operations.

Similarly, the ongoing recapitalisation programme launched in 2024 aims to strengthen banks’ capital bases, improve balance sheet resilience, support international expansion and promote more stable economic growth.