As Nigeria’s banking sector undergoes one of its most consequential restructurings in over a decade, no fewer than 19 deposit money and specialised banks have so far met the new minimum capital requirements introduced by the Central Bank of Nigeria (CBN), Peoples Conscience can authoritatively report.
The development, confirmed as of January 8, 2026, shows early compliance with the apex bank’s sweeping recapitalisation policy, which is expected to reshape the structure, resilience and competitiveness of the financial system ahead of the March 31, 2026 compliance deadline.
The policy, announced by the CBN as part of broader financial-sector reforms, mandates higher capital buffers across different banking categories to strengthen balance sheets, enhance risk absorption capacity and align Nigeria’s banking industry with global prudential standards.
Banks That Have Met the New Capital Requirements
According to regulatory filings and industry disclosures monitored by Peoples Conscience, the following banks have successfully met the revised thresholds:
International Authorised Banks (₦500 Billion Minimum Capital)*
First Bank of Nigeria
Guaranty Trust Bank (GTCO)
United Bank for Africa (UBA)
These banks, which operate across multiple jurisdictions and maintain foreign subsidiaries, are required to hold the highest capital base under the new regime. Their early compliance signals both scale advantage and sustained access to capital markets.
National Authorised Banks (₦200 Billion Minimum Capital)
Citibank Nigeria
Globus Bank
Stanbic IBTC Bank
Sterling Bank
Wema Bank
PremiumTrust Bank
Providus Bank
National banks operate within Nigeria but are systemically important to domestic credit intermediation. The inclusion of both legacy institutions and newer entrants among compliant banks highlights varied recapitalisation strategies, including retained earnings, rights issues and private placements.
Merchant Banks (₦50 Billion Minimum Capital)
FSDH Merchant Bank
Greenwich Merchant Bank
Nova Merchant Bank
Merchant banks, which focus on wholesale banking, investment services and corporate advisory, face a lower threshold reflecting their specialised operations and limited retail exposure.
Non-Interest Banks (₦10–20 Billion Minimum Capital)
Non-interest (Islamic) banks are required to meet capital levels aligned with their operational scope. Their compliance reflects growing confidence in ethical and interest-free banking models within Nigeria’s financial ecosystem.
Understanding the CBN’s Recapitalisation Policy
The recapitalisation directive marks the most significant capital reform since the post-2009 banking consolidation era.
Under the framework:
International banks must maintain a minimum capital base of ₦500 billion
National banks must hold at least ₦200 billion
Merchant banks must meet a ₦50 billion threshold
Non-interest banks are required to maintain between ₦10 billion and ₦20 billion, depending on authorisation scope
The CBN set March 31, 2026 as the final deadline for compliance.
Regulatory sources indicate that the policy is designed to address structural weaknesses exposed by macroeconomic volatility, exchange-rate pressures, inflation and rising non-performing loans. Compelling banks to shore up capital, the apex bank aims to protect depositors, improve credit flow to the real economy and safeguard financial stability.
Early Compliers and Strategic Advantage
Financial analysts note that early compliance confers both regulatory confidence and market advantage. Banks that have met the requirements ahead of schedule are better positioned to:
Expand lending portfolios
Participate in large-ticket infrastructure financing
Absorb economic shocks
Maintain correspondent banking relationships
Attract foreign investment
Industry watchers also point out that early compliance reduces the risk of forced mergers or regulatory sanctions, which historically have eroded shareholder value.
For international banks, especially those with pan-African footprints, meeting the ₦500 billion requirement reinforces Nigeria’s position as a regional financial hub and strengthens cross-border operations.
Pressure Mounts on Non-Compliant Banks
While 19 banks have crossed the recapitalisation line, several others are still racing against time. Banking industry insiders say institutions yet to comply are exploring options including:
Rights issues and public offers
Strategic mergers and acquisitions
Injection of private equity
Conversion of licences
Operational downsizing
The CBN has made it clear that there will be no extension of the deadline, raising the stakes for weaker institutions.
Historically, recapitalisation exercises in Nigeria have led to consolidation, with smaller or poorly capitalised banks either merging or exiting the market. Observers warn that failure to comply could result in licence withdrawal or restructuring under regulatory supervision.
Implications for Customers and the Economy
For bank customers, the recapitalisation exercise is expected to deliver stronger, safer and more resilient institutions. Higher capital buffers reduce the likelihood of bank failures and enhance depositor confidence.
For the broader economy, well-capitalised banks are better positioned to support:
Small and medium-scale enterprises (SMEs)
Manufacturing and agriculture
Infrastructure development
Job creation
However, experts caution that consolidation could temporarily reduce competition, potentially affecting service charges and credit access if not carefully managed by regulators.
As the March 31, 2026 deadline approaches, the Central Bank of Nigeria’s recapitalisation policy is steadily redrawing the country’s banking landscape. With 19 banks already compliant, the reform appears to be gaining traction, though significant challenges remain for those yet to meet the threshold.
Peoples Conscience will continue to monitor developments closely, particularly the impact of the policy on financial inclusion, credit availability, systemic stability and issues that remain critical to Nigeria’s economic future.
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