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As at today, 12th March 2026, 30 banks out of the 35 banks operating in the country have met the recapitalisation requirement of the Central Bank of Nigeria, CBN, according to findings by Vanguard.

The remaining five banks have 19 more days to meet the recapitalisation deadline which ends on 31st March 2026. However, two are already in merger arrangements, and with that they met the recapitalisation requirement. The banks are Union Bank and Unity Bank.

It will be recalled that the recapitalisation programme was announced in November 2023 and formalized in CBN directives published on March 28, 2024.

The recapitalisation requires each bank category to hold capital proportional to its operational scope.

International commercial banks must raise their capital from N50 billion to N500 billion, national commercial banks must increase from N25 billion to N200 billion. Regional commercial banks must reach a minimum capital of N50 billion, up from N10 billion previously.

For non-interest banks, the thresholds are set at N20 billion for national licenses, and N10 billion for regional licenses.

This is the second time

Nigeria is conducting a second major banking sector recapitalisation. In 2004, the CBN raised capital levels from N2 billion to N10 billion for regional banks, to N25 billion for national banks and to N50 billion for international banks.

That reform led to sector consolidation, reducing the number of banks from 89 to 25. It also created larger institutions capable of withstanding economic shocks and financing bigger operations.

The recapitalisation launched in 2024 is also pursuing the same objectives: to strengthen capital bases, improve balance sheet soundness, facilitate banks’ international expansion and support more stable economic growth.

Banks that met recapitalisation

Tier-1 banks with international license (N500bn minimum)

Access Bank

Zenith Bank

GTBank

UBA

First Bank

Tier-2 banks

Fidelity Bank

FCMB

National License

Tier-2 banks

8. Ecobank Nigeria

Stanbic IBTC

Sterling Bank

Wema Bank

Citibank Nigeria

Standard Chartered Nigeria

Tier-3 banks

Globus Bank

PremiumTrust Bank

Providus Bank/Unity Bank.

Alpha Morgan Bank

Titan Trust Bank/Union Bank

Optimus Bank

Regional banks (N50bn minimum)

Signature Bank

Parallax Bank

SunTrust Bank

Merchant banks (N50bn minimum)

FSDH Merchant Bank

Greenwich Merchant Bank

Nova Merchant Bank

Rand Merchant Bank

Coronation Merchant Bank.

Non-interest banks N20bn minimum)

Jaiz Bank

Lotus Bank

TAJBank

AltBank

The 35 banks operating in the country are:

Access Bank Plc

Citibank Nigeria Limited

Ecobank Nigeria Limited

Fidelity Bank Plc

First Bank of Nigeria Limited

First City Monument Bank (FCMB) Limited

Globus Bank Limited

Guaranty Trust Bank Limited

Jaiz Bank Plc (Non-Interest)

Keystone Bank Limited

Lotus Bank Ltd (Non-Interest)

Optimus Bank

Parallex Bank Ltd

Polaris Bank Plc

Premium Trust Bank

Providus Bank

Signature Bank Ltd

Stanbic IBTC Bank Plc

Standard Chartered Bank Nigeria Ltd

Sterling Bank Plc

Sun Trust Bank Nigeria Limited

Taj Bank (Non-Interest)

The Alternative Bank (Non-Interest)

Titan Trust Bank Ltd

Union Bank of Nigeria Plc

United Bank for Africa Plc (UBA)

Unity Bank Plc

Wema Bank Plc

Zenith Bank Plc

Greenwich Merchant Bank

Alpha Morgan Ba

nk Limited

Nova Merchant Bank

Rand Merchant Bank

FBNQuest Merchant Bank

Coronation Merchant Bank