Which banks have met the new minimum capital base?

With recapitalization deadline for banks in Nigeria looming on March 31, 2026, for banks to comply with the new minimum capital base, the Central Bank of Nigeria has some good news to tell. During the 303rd Monetary Policy Committee meeting on November 25, 2025, the apex bank, through the update provided by Governor Olayemi Cardoso, announced the full compliance of 16 banks with the revised minimum capital requirements. Compared with 14 banks reportedly complying as of September 2025 and just eight in July, this is strong momentum in the efforts of the banking industry to shore up their financial resilience in the wake of ongoing economic reforms.

CBN remains hopeful of full compliance with the deadline, considering that 27 banks were still recapitalizing through rights issues, mergers, or private placements. This recapitalization effort is not just about the numbers; it is all about strengthening the financial system in Nigeria for better support of economic growth, absorption of shocks, and expansion of financial inclusion. With stock prices surging-for instance, the shares of Fidelity Bank up over 1,100% since 2020-and increased competitiveness globally, the early movers have already started enjoying their reward.

As of April 2025, Nigeria’s banking sector comprised Forty four (44) deposit-taking institutions. These are broken down into:

• Seven (7) commercial banks licensed for international operations,
• Fifteen (15) with national authorization, and
• Four (4) operating on a regional basis.
• Four (4) non-interest banks,
• Six (6) merchant banks,
• Seven (7) financial holding companies,
• One (1) representative office.

For the purposes of the new minimum capital base, the central Bank of Nigeria classified the banks into three categories and stipulated the new minimum capital requirement for each category. The three categories and the required capital bases are:

• International Commercial Banks (N500 Billion minimum capital Threshold)
• National Commercial Banks (N200 Billion minimum capital Threshold)
• Regional/Merchant/Other (N50B–N200 Billion minimum capital Threshold)

Understanding the New Minimum Capital Base

In a bold move announced on March 28, 2024, the CBN raised the minimum paid-up capital for Nigerian banks to align with the ambitious economic goals of the nation, including a $1 trillion GDP target come 2030. Commercial banks with international licenses must hit N500 billion, up from the pre-2024 requirement of N100 billion, while national commercial banks hit N200 billion from N25 billion, and regional ones hit N50 billion from N10 billion. Merchant banks face a requirement of N50 billion, while for non-interest, or Islamic banks, it would be N20 billion nationally or N10 billion regionally.

This restructuring-the first significant recapitalization since 2005-seeks to insulate banks from volatility, better position them for larger lending into infrastructure and SMEs, and reduce systemic risk. This was clarified in a recent CBN circular, November 14, 2025, as comprising only issued share capital and premiums, thus excluding retained earnings to ensure that there is an actual shareholder injection. Though this has been a tough ask-especially for smaller players-it has triggered consolidation, and mergers are expected. In any case, it has attracted foreign investor interest, augmenting liquidity and confidence.

Banks That Have Met the New Capital Base

Using the latest disclosures from the CBN and reports from the industry as of November 2025, here are the 16 banks that have met the recapitalization requirements, which follow in a categorized manner by tier for simplicity. Note: The above list focused on Deposit Money Banks and excluded some merchant or non-interest entities, save where specified; actual verification is still ongoing with the CBN.

International Commercial Banks (N500B Threshold):

• Access Bank Plc (capital raised through rights issue & international offerings; capital now above N1 trillion)
• Zenith Bank Plc:– strong domestic and diaspora funding; hit N600B+
• GTBank Plc – Guaranty Trust Bank – LSE listing and rights issue; surpassed N600B
• United Bank for Africa (UBA) Plc (rights issue and private placement; over N500B)

National Commercial Banks (N200B Threshold):

• First Bank of Nigeria Holdings Plc (recent N350B raise; total ~N748B)
• Stanbic IBTC Bank Plc (efficient private placement; above N200B)
• Fidelity Bank Plc (N350B+ rights issue/public offer; N614B capital)
• Wema Bank Plc (N150B rights issue; exactly N200B)
• FCMB Group Plc (completion of rights issue; threshold attained)
• Sterling Bank Plc (strategic funding; compliant)
• Providus Bank Plc (above N200B via approved merger with Unity Bank)
• Globus Bank Plc (over N200B from N102B 2025 raise; )

Regional/Merchant/Other (N50B–N200B Threshold)

• Lotus Bank Plc (Islamic/non-interest hybrid; exceeded )
• Jaiz Bank Plc (non-interest; rights issue success)
• Optimus Bank Plc: regional focus; met N50B via equity
• Greenwich Merchant Bank: Met N50 billion via private placement

These banks represent a mix of tier-1 giants and agile mid-tier players, showcasing diverse strategies like rights issues, such as Fidelity’s oversubscribed offer, and private placements. The remaining 27, out of approximately 44 in total deposit-taking banks, are on track, with big names at advanced stages, including United Capital and FBN Holdings. This progress underlines the adaptability of the sector, but watch for Q4 2025 updates as the deadline nears. What are your thoughts—is every bank going to make it? Let me know in the comment section! #NigerianBanking