Full list of 14 banks that have met CBN’s new capital requirement

Nigeria’s banking sector is showing signs of resilience as 14 institutions have already satisfied the Central Bank of Nigeria’s (CBN) heightened capital requirements, according to Governor Olayemi Cardoso.

The announcement, made during a Monetary Policy Committee briefing in Abuja, comes with just over six months left before the March 31, 2026 deadline.

This early compliance highlights robust investor appetite despite a challenging economic backdrop marked by elevated inflation and currency fluctuations.

The recapitalization exercise, launched in March 2024, aims to fortify banks against risks and equip them to fuel President Bola Tinubu’s vision of a $1 trillion economy.

Under the directive, banks must raise fresh equity, excluding retained earnings through methods like rights issues, public offers, private placements, or mergers.

International authorization requires N500 billion in paid-up capital (share capital plus premium), national banks N200 billion, regional N50 billion, merchant banks N50 billion, and non-interest banks N20 billion or N10 billion depending on scope.

Cardoso emphasized the sector’s strength, noting that financial soundness indicators remain within benchmarks. “About 14 banks have met the regulatory capital requirements,” he said.

Here are the full list of fourteen (14) banks that have met CBN’s capital requirement :

1. Access Bank Plc (International): Raised N351 billion via a rights issue of 17.77 billion shares at N19.75 each, boosting capital to N600 billion, N100 billion above the minimum requirement. The oversubscribed offer reflected strong local and foreign investor interest, enabling digital and pan-African expansion.
2. Zenith Bank Plc (International): Secured over N350 billion through a combined rights issue and public offer, elevating capital to N614.65 billion. Shares were priced at N36-N36.50, with proceeds earmarked for technology upgrades and market growth.
3. Guaranty Trust Bank (GTB) (International): Parent GTCO injected N365.85 billion from a rights issue, increasing capital from N138.19 billion to N504.04 billion. This included a London Stock Exchange listing raising $105 million.
4. Stanbic IBTC Bank (International): Garnered N148.7 billion (oversubscribed to N181.4 billion) in a rights issue, supplemented by N140 billion from South African parent Standard Bank. Capital now exceeds N500 billion.
5. United Bank for Africa (UBA) (International): Completed a two-phase rights issue, raising N234.3 billion initially and additional funds in Q3 2025 to hit N500 billion. Chairman Tony Elumelu noted the capital would fund digital innovations and expansion across 20 African countries.
6. Fidelity Bank Plc (International): Achieved 238% oversubscription in its first-phase combined offer, raising funds for N500 billion compliance via public offers and rights issues. A second phase, approved by shareholders in February 2025, included 20 billion new shares.
7. First Bank of Nigeria (International): Parent FBN Holdings planned a N350 billion private placement in H2 2025, targeting N748 billion in capital. This built on prior equity injections to meet the international threshold.
8. First City Monument Bank (FCMB) (International): Raised N147.5 billion (33% oversubscribed) in a public offer, with further phases including divestments from subsidiaries to reach N500 billion. Capital adequacy remains above 15% post-forbearance.
9. Wema Bank Plc (National): Lifted capital above N200 billion with a N150 billion rights issue of 14.29 billion shares at N10.45 each, leveraging its ALAT platform for retail growth.
10. Jaiz Bank Plc (Non-Interest, National): Listed N10.04 billion from a private placement on the Nigerian Exchange in January 2025, surpassing the N20 billion requirement and reinforcing its Islamic finance leadership.
11. Providus Bank (National): Met N200 billion via a CBN-approved merger with Unity Bank, backed by N700 billion in financial support, enhancing operational scale.
12. Lotus Bank (Non-Interest, National): Already exceeded the N20 billion threshold before the directive, confirming compliance through internal capital reserves focused on alternative banking.
13. Globus Bank (National): Raised N52.9 billion in 2024 and N102 billion in 2025 via rights issues and private placements, taking capital above N200 billion. Awaiting final CBN verification.
14. Greenwich Merchant Bank (Merchant): Achieved the N50 billion merchant bank threshold through rights issues, debt-to-equity conversions, and strategic planning.

These banks’ strategies varied by size and license type.

Larger international players like Access and Zenith relied on capital markets for massive equity infusions, often seeing share prices surge post-offer.

Smaller or specialized banks, such as Providus and Jaiz, opted for mergers or placements to minimize dilution.