The Nigerian banking industry is in a final sprint to meet the Central Bank of Nigeria's (CBN) recapitalisation deadline of March 31, 2026, with approximately 100 days remaining. Amidst a flurry of activity, the sector has recorded significant progress, as 16 financial institutions have already successfully crossed the minimum capital requirement thresholds for their respective licence categories.
ACAMB Dismisses Alarmist Rumours of Bank Closures
Recent rumours suggesting that up to 12 banks face imminent closure due to the recapitalisation exercise have been strongly dismissed by the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB). The association labelled such claims as false, dangerous, and misleading.
In a statement signed by its President, Rasheed Bolarinwa, ACAMB emphasised that all banks submitted vetted recapitalisation plans to the CBN in 2024. The regulator has reportedly expressed satisfaction with the implementation progress. ACAMB assured the public that Nigerian banks remain safe, sound, and adequately capitalised, warning that baseless misinformation could trigger serious economic consequences.
Strategic Moves and Market Consolidation
The recapitalisation drive has catalysed strategic realignments across the sector. Nova Bank opted to downgrade its licence to a regional status, thereby reducing its capital requirement to N50 billion. Meanwhile, consolidation is actively underway.
Notable mergers include:
- The merger of Union Bank with Titan Trust Bank.
- The impending merger of Providus Bank with Unity Bank, a deal expected to create Nigeria’s ninth-largest lender by asset size.
CBN Governor, Olayemi Cardoso, confirmed that several lenders have either met or exceeded the new capital thresholds, while others are advancing steadily and remain well-positioned to comply. He disclosed that 27 banks have accessed the capital market through public offers and rights issues.
List of Banks That Have Met the Requirements
According to CBN disclosures, the banks that have already met the recapitalisation requirements include:
Access Holdings, Zenith Bank, GTBank, 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.
Institutions like Fidelity Bank and FCMB Group are reported to be in advanced stages of their capital raising and regulatory verification processes.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted that only a few banks remain under real pressure. He indicated that while nothing dramatic has happened yet on the mergers front, clearer outcomes could emerge by January or February 2026. He also warned that capital raising through private placements and rights issues could dilute shareholders who fail to participate.
The CBN has reiterated that stress tests conducted in 2025 showed the banking system remains fundamentally robust, with key financial soundness indicators meeting prudential standards.
