With fewer than 90 days to the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, 19 banks have now met the new minimum capital requirements, following the entry of First Bank Nigeria, Fidelity Bank and FSDH Merchant Bank into the league of recapitalised lenders.
This marks a significant jump from the 16 banks that had met the requirements as of last year. Those earlier compliant banks included Access Holdings, Zenith Bank, GTCO, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank, PremiumTrust Bank, Globus Bank, Citibank Nigeria, United Bank for Africa, Nova Bank and Sterling Bank.
Recent additions to the list are First Bank Nigeria, Fidelity Bank and FSDH Merchant Bank, reflecting accelerating momentum across the sector as the deadline approaches.
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Fidelity Bank Plc’s recapitalisation was driven by a private placement that raised about ₦250 billion. The offer opened and closed on December 31, 2025, amid strong investor demand supported by the bank’s financial performance and track record. Market sources described the same-day completion as a notable achievement, given that Nigerian Exchange (NGX) rules typically allow up to 10 days for private placements.
Participation in Fidelity Bank’s offer was reportedly restricted to a select group of pre-qualified institutional investors, many with global investment exposure. Market estimates suggest the proceeds exceeded the bank’s estimated capital shortfall of ₦194.5 billion, positioning Fidelity Bank among the more strongly capitalised Nigerian banks with international licences.
Although final regulatory ratification by the CBN is still pending for some banks, industry sources say many institutions have effectively crossed the threshold. Analysts expect additional banks to conclude their recapitalisation programmes between next week and the end of the month.
CBN Governor Olayemi Cardoso had earlier confirmed steady progress, noting that several banks had already met the new capital benchmarks while others were advancing steadily toward compliance. He disclosed that 27 banks had accessed the capital market through public offers and rights issues, adding that stress tests conducted in 2025 showed the banking system remained fundamentally robust, with key financial soundness indicators within prudential limits.
Despite the progress, some lenders are still fine-tuning their capital plans. FCMB Group Plc is among those in advanced stages, with shareholders recently approving a capital raise of up to ₦400 billion to enable the group to retain its international banking licence. Group CEO Ladi Balogun said the additional capital would strengthen capital adequacy and support growth.
Analysts say mergers and acquisitions have so far been limited, but ownership changes are becoming more likely as banks seek new investors. According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, only a few institutions remain under significant pressure, noting that capital raises could lead to shareholder dilution for those who do not participate.
Strategic realignments are also underway. Nova Bank has opted to downgrade its licence to regional status, reducing its capital requirement to ₦50 billion, while consolidation is gathering pace with Union Bank’s merger with Titan Trust Bank and Providus Bank’s planned merger with Unity Bank.
Banks still weighing options of recapitalisation, mergers or exit include Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank, Citibank Nigeria, Standard Chartered Bank Nigeria, FBNQuest Merchant Bank, Coronation Merchant Bank and Rand Merchant Bank, as the countdown to the CBN deadline continues.
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