The Central Bank of Nigeria (CBN) has announced that 20 deposit money banks (DMBs) have fully complied with the new minimum capital requirements introduced last year, marking a major milestone in the ongoing banking sector reform.
Dr Muhammad Abdullahi, Deputy Governor in charge of Economic Policy at the CBN, disclosed the update during the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook event held in Lagos. He revealed that while 20 institutions have already met the thresholds, several others are actively working toward compliance ahead of the final March 31, 2026 deadline.
The recapitalisation drive is part of a broader strategy to create a stronger, more resilient banking system capable of supporting Nigeria’s ambition to achieve a trillion-dollar economy. Dr Abdullahi stressed that the goal goes beyond simply raising capital — it is about building institutions that can provide affordable, long-term financing to critical sectors, especially small and medium-sized enterprises (SMEs).
“A solid banking sector must translate into greater access to credit for SMEs and funding for large-scale development projects,” he said. “Increasing capital alone is not sufficient; it must be accompanied by prudent lending practices that direct funds to productive areas of the economy.”
To ensure effective deployment of capital, the CBN has enhanced its supervisory tools, including technology-driven monitoring systems, to track how banks utilise their increased resources. The Deputy Governor highlighted Nigeria’s significant development financing gap — estimated at N230 trillion — which far exceeds the current combined capital base of the country’s development finance institutions. He noted that the Ministry of Finance is leading the national development finance strategy, with the CBN providing regulatory oversight to align efforts with sustainable growth objectives.
The 20 banks that have met the new capital rules are:
– Access Bank Plc
– Zenith Bank Plc
– United Bank for Africa (UBA) Plc
– Fidelity Bank Plc
– Guaranty Trust Holding Company (GTCO/GTBank)
– First HoldCo Plc / First Bank of Nigeria
– Ecobank Nigeria
– Citibank Nigeria Limited
– Stanbic IBTC Bank
– Wema Bank Plc
– Premium Trust Bank
– Globus Bank
– Providus Bank
– Lotus Bank
– Jaiz Bank
– Unity Bank (via merger with Titan Trust Bank/Union Bank entity)
– Polaris Bank
– The Alternative Bank (AltBank)
– Sterling Bank / Sterling Financial Holdings
– Nova Bank
With the March deadline approaching, industry sources indicate that at least three additional mergers are likely as smaller Tier-2 and non-interest banks seek to meet the requirements through consolidation. A recent report by DataPro suggested that the pressure to merge or raise fresh capital is intensifying among institutions that have yet to comply.
The CBN’s recapitalisation exercise, launched in 2025, raised the minimum capital base for commercial banks with national authorisation to N500 billion, international banks to N200 billion, and non-interest banks to N200 billion, among other tiers. The policy aims to enhance financial stability, improve lending capacity, and position the sector to finance Nigeria’s infrastructure and industrial growth ambitions.
While the compliance of 20 banks signals strong progress, attention now turns to the remaining institutions and whether the sector will see a wave of mergers or fresh capital injections in the coming weeks. For Nigeria’s economy, the success of the recapitalisation will ultimately be measured not just by balance-sheet strength, but by how effectively banks channel funds to SMEs, agriculture, manufacturing, and other real-economy sectors.
