With less than 90 days to di Central Bank of Nigeria (CBN) deadline for bank recapitalisation, no fewer than 19 banks don already meet di new capital requirements ahead of March 31, 2026.
Latest banks wey don scale di hurdle na First Bank Nigeria, Fidelity Bank Plc and FSDH Merchant Bank, as dem join di league of recapitalised banks for di country.
Analysts say dem expect more banks to complete dia recapitalisation plans between next week and di end of this month, as pressure dey mount on lenders wey still dey behind.
Last year, 16 banks don already meet di new capital requirement for dia different licence categories. Dem include Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank and PremiumTrust Bank.
Others na Globus Bank, Citibank Nigeria, United Bank for Africa (UBA), Nova Bank and Sterling Bank. With di addition of First Bank, Fidelity Bank and FSDH Merchant Bank, di total number don rise to 19.
Fidelity Bank Plc recently raise about N250 billion through private placement wey open and close on December 31, 2025. Strong investor demand, driven by di bank strong financial performance, help make di offer fully subscribed.
Under NGX rules, private placements fit take up to 10 days for final processing. Fidelity Bank dey target di CBN N500 billion minimum capital requirement for banks with international licence before di March 31, 2026 deadline.
Market sources say participation for di offer limit to selected institutional investors, many with global investment presence. Analysts estimate say di N250 billion raised pass di bank capital gap of about N194.5 billion, placing Fidelity among di better-capitalised Nigerian banks with international operations.
Although CBN never officially ratify di new capital base of some banks, industry players believe say many don already cross di line, with others close behind.
One senior banking source, wey beg make dem no mention im name, say most banks wey never meet di target go do so before di end of this month, with announcements expected to start from next week.
CBN Governor, Olayemi Cardoso, don earlier confirm say banks dey make steady progress toward di deadline.
According to am, “several banks have already met di new capital thresholds, while others dey advance steadily and well positioned to comfortably meet di March 31, 2026 deadline.”
Cardoso also reveal say 27 banks don access di capital market through public offers and rights issues, with 16 already meeting or exceeding di benchmark as at last year. Stress tests carried out in 2025 also show say di banking system remain strong, with key financial indicators meeting prudential standards.
Despite di progress, some banks still dey fine-tune dia capital plans. FCMB Group dey among banks wey dey advanced stage of capital raising and regulatory verification.
Recently, shareholders of FCMB Group Plc approve plan to raise up to N400 billion at an Extraordinary General Meeting, to allow di bank retain im international banking licence before March 2026.
Group CEO, Ladi Balogun, say di fresh capital go help strengthen di bank capital adequacy ratio and drive growth.
Analysts say mergers and acquisitions still limited for now, but ownership changes fit soon become more common as banks court new investors.
Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, say only few banks dey under serious pressure.
“Nothing dramatic don happen yet for mergers, but by January or February we fit see clearer outcomes. Capital raising through private placements and rights issues go dilute shareholders wey no participate,” he talk.
Di recapitalisation race don also trigger strategic realignments. Nova Bank downgrade im licence to regional bank, reducing im capital requirement to N50 billion to meet di deadline.
Meanwhile, consolidation dey increase, as Union Bank merge with Titan Trust Bank, while Providus Bank dey set to merge with Unity Bank, a move wey go create Nigeria ninth-largest bank by assets.
Banks still left with di option of meeting di target, merging or exiting di market include Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank, Citibank Nigeria and Standard Chartered Bank Nigeria.
Others na FBN Quest Merchant Bank, Coronation Merchant Bank and Rand Merchant Bank, as di March 31, 2026 deadline continue to draw closer.
