In a significant boost to Nigeria's financial stability, leading commercial banks have announced the successful completion of their mandatory recapitalisation exercises. Institutions including First Bank of Nigeria Limited, United Bank for Africa (UBA), Access Bank, and Guaranty Trust Bank have all confirmed they now meet or exceed the new capital thresholds set by the Central Bank of Nigeria (CBN).
CBN's Recapitalisation Drive: A March 2026 Deadline
The Central Bank of Nigeria instituted the recapitalisation policy with the primary aim of guaranteeing the stability of the financial system and enhancing the capacity of banks to fund major economic projects. The regulator set a final deadline of March 31, 2026, for all financial institutions to raise their capital base.
According to the CBN's directive, commercial banks with international authorisation must maintain a minimum paid-up capital of N500 billion. National banks are required to hold N200 billion, while merchant and regional banks have correspondingly lower thresholds. As of Thursday, January 16, 2026, reports indicate that at least 23 banks have successfully scaled this capital hurdle, with analysts speculating that three other banks may opt for a merger before the deadline.
Bank-by-Bank Breakdown of Successful Capital Raises
First Bank of Nigeria Limited confirmed it met the N500 billion requirement through a combination of a Rights Issue, a Private Placement, and proceeds from divesting its merchant banking subsidiary. The bank's Group Managing Director, Wale Oyedeji, stated the capital raise is central to executing strategic priorities and enhancing value for stakeholders.
Access Bank was the first bank to publicly announce it had met the N500 billion benchmark for internationally licensed banks. Chairman Aigboje Aig-Imoukhuede thanked the CBN, SEC, and the bank's loyal shareholders for their crucial support during the Rights Issue exercise.
Guaranty Trust Bank (GTBank) also surpassed the N500 billion minimum. Segun Agbaje, Group Chief Executive Officer of GTCO, described the recapitalisation as a pivotal step that allows the group to focus on innovation, service excellence, and expansion into high-growth markets.
United Bank for Africa (UBA) raised N178.3 billion via a rights issue, pushing its capital comfortably above the N500 billion mark. The bank stated this achievement strengthens its capacity to support pan-African growth initiatives.
Zenith Bank raised approximately N350.4 billion through a public offering and rights issue, elevating its paid-up share capital to N614.65 billion. Founder Jim Ovia called the successful raise a vote of confidence in the bank's legacy and future trajectory.
Other financial institutions including Citibank Nigeria, Standard Chartered Nigeria, Wema Bank, Ecobank Nigeria, and several merchant banks like FSDH and Greenwich have also confirmed meeting their respective recapitalisation requirements.
Implications for Nigeria's Economy and Financial Future
The successful recapitalisation by these major players sends a powerful message of confidence to investors, customers, and the international market. It fundamentally strengthens the resilience of Nigeria's banking sector, providing a more robust platform for the institutions to support large-scale economic development projects.
Bank executives have uniformly framed this achievement as a launchpad for future growth. The newly fortified capital base is expected to drive business expansion, technological innovation, and improved service delivery. Ultimately, this regulatory exercise positions the Nigerian banking industry to be a more potent engine for national and continental economic growth, with increased capacity to fund infrastructure, agriculture, and real sector investments.
