Thirty Banks Clear CBN Recapitalisation Hurdle as Landmark March 31 Deadline Looms

The Central Bank of Nigeria has confirmed that thirty banks have now met the new minimum capital requirements set under its landmark recapitalisation programme, with the final deadline of 31 March 2026 just days away. In a statement from Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the CBN disclosed that all 33 banks participating in the programme had raised additional capital through rights issues, initial public offerings and private placements, with the remaining three undergoing routine verification before receiving final confirmation. The recapitalisation drive has been one of the most consequential reforms in Nigerian banking in decades, requiring commercial banks with international licences to achieve a minimum paid-up capital of N500 billion, national banks to reach N200 billion, and regional lenders to meet a N50 billion threshold. As of mid-February, verified capital raised across the sector stood at N4.05 trillion — a figure that has nearly doubled since April 2025. CBN Governor Olayemi Cardoso described the exercise as central to Nigeria’s ambition of building a banking sector capable of supporting a trillion-dollar economy. Key institutions confirmed compliant include Access Bank, Zenith Bank, Guaranty Trust Bank, Fidelity Bank and First Bank of Nigeria. Analysts warn, however, that the three to thirteen banks yet to confirm compliance could face mergers, acquisitions or licence revocations after the deadline, particularly smaller regional lenders, which may see their mortgage and retail lending capacity consolidate into fewer but stronger institutions.