NIyi Jacobs With just over 100 days to the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, 10 banks are still racing against time to meet the regulator’s capital requirements, highlighting the final, high-stakes phase of Nigeria’s most significant banking-sector reform in over a decade.
BusinessNg notes that so, far, 16 banks, including Access Holdings, Zenith Bank, United Bank for Africa (UBA), GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank, PremiumTrust Bank, Sterling Bank, Globus Bank, Citibank Nigeria, and Nova Bank, have successfully met or exceeded the new capital thresholds for their license categories.
Several other lenders, including Fidelity Bank and FCMB Group, are still at various stages of capital raising and regulatory verification, but remain optimistic about meeting the March 31 deadline.
In a presentation at the U.S.-Nigeria Executive Business Roundtable in Washington D.C., CBN Governor Olayemi Cardoso emphasized that the central bank’s focus is on orderly completion, strong supervisory oversight, and a banking sector that is more shock-resistant and better positioned to support Nigeria’s growth story.
“Nigeria is now in the final phase of its most significant banking-sector strengthening effort in over a decade. The recapitalisation programme is designed to safeguard financial stability, expand banks’ capacity to lend, and ensure the financial system underpins broader economic transformation,” Cardoso said.
Stress tests conducted across the sector confirm that the banking system remains fundamentally sound, liquid, and resilient, providing a solid foundation for the remaining banks to meet requirements.
Analysts say the recapitalisation exercise is entering a decisive phase that could reshape ownership structures across the industry. While large-scale mergers and acquisitions have yet to materialize, private placements, rights issues, and strategic investments may lead to partial ownership changes for banks that fall short on shareholder participation.
FCMB Group, for instance, confirmed it is on track to meet its N500 billion capital target by the March 2026 deadline, following a successful public offer and the planned sale of a minority stake in one of its subsidiaries. The completion is subject to CBN verification, shareholder approval, and other regulatory consents.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted:
“The recapitalisation exercise is critical for crowding in new investors and strengthening long-term sector stability. Partnership and ownership structures of some banks may change significantly during this process, especially where shareholders choose not to participate fully in rights issues or private placements.”
Analysts warn that delays or failure to meet the recapitalisation threshold could result in forced mergers, acquisitions, or other regulatory interventions. However, successful completion would not only stabilize the sector but also enhance banks’ ability to lend into the economy, supporting growth in key sectors like infrastructure, agriculture, and manufacturing.
As the March 31, 2026 deadline approaches, all eyes are on the 10 banks still in the race, with investors, regulators, and bank management teams under pressure to ensure timely compliance. Analysts say this phase represents both a challenge and an opportunity: banks that act swiftly will not only secure their licenses but also position themselves for stronger growth and resilience in Nigeria’s evolving financial landscape.
If you want, I can expand this story to 1,200–1,500 words, adding detailed profiles of the 10 banks yet to recapitalise, potential ownership changes, and implications for the Nigerian economy—making it a fully fleshed-out feature piece suitable for business news. Do you want me to do that
