As the March 31, 2026 recapitalisation deadline draws closer, Polaris Bank, Keystone Bank, FCMB and several others are yet to fully conclude their capital-raising processes, raising uncertainty over their ability to meet the Central Bank of Nigeria’s (CBN) new requirements.
As of January 8, 2026, industry checks show that Polaris Bank, Keystone Bank, Unity Bank, Alpha Morgan Bank, Parallex Bank, Signature Bank, SunTrust Bank, Titan Trust Bank, Union Bank and FCMB Group remain at various stages of recapitalisation, with none yet receiving final certification of their new capital base from the apex bank.
Although these lenders have initiated recapitalisation plans, it remains unclear whether all will successfully scale through before the deadline, now less than three months away. The CBN has so far confirmed that 20 banks have met the revised capital thresholds across different licence categories.
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Banks that have already cleared the hurdle include Access Holdings, Zenith Bank, GTCO, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank and PremiumTrust Bank. Others are Globus Bank, Citibank Nigeria, United Bank for Africa, Nova Bank, Sterling Bank, First Bank, Fidelity Bank, Standard Chartered Bank and FSDH Merchant Bank.
CBN Governor Olayemi Cardoso had earlier assured that while several banks have already met the new requirements, others are advancing steadily and are well positioned to comply ahead of the March 31, 2026 deadline.
Market watchers, however, note that some of the banks yet to complete recapitalisation may be forced to explore alternative options, including mergers or licence downgrades, which would significantly reduce their capital requirements. Consolidation has already gained momentum, with Union Bank merging with Titan Trust Bank, while Providus Bank is set to merge with Unity Bank as both institutions move to beat the deadline.
FCMB Group has also indicated that it is in advanced stages of capital raising and regulatory verification. At a recent Extraordinary General Meeting, shareholders approved plans to raise up to ₦400 billion to enable the group retain its international banking licence.
Meanwhile, Nova Bank has opted to downgrade its licence to a regional banking status, cutting its minimum capital requirement to ₦50 billion as a strategic move to comply on time.
Analysts say pressure remains concentrated on a handful of lenders. According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, only a few banks are still under significant strain, as most players are expected to conclude their recapitalisation plans before the end of the first quarter.
