With the Central Bank of Nigeria's (CBN) March 31, 2026 recapitalisation deadline fast approaching, a significant milestone has been reached as nineteen financial institutions have now successfully met the new minimum capital requirements to retain their operating licences.
Compliance Gains Momentum as Deadline Nears
The latest entrants to achieve compliance are First Bank Nigeria, Fidelity Bank Plc, and FSDH Merchant Bank. Their success increases the number of compliant institutions from the 16 that were recorded in 2025. This development has injected renewed confidence into the financial markets, signalling that a majority of the banking sector is on track to meet the regulatory mandate.
Financial analysts anticipate that the pace of compliance will accelerate further, with several other lenders expected to finalise their capital-raising plans between now and the end of January 2026. The CBN Governor, Olayemi Cardoso, had previously confirmed steady progress, noting that while some banks had already met the requirements, others were advancing well in their efforts.
Fidelity Bank's Notable Capital Raise and Other Compliant Institutions
Among the latest compliant banks, Fidelity Bank Plc executed a particularly swift and successful capital raise. The bank secured approximately N250 billion through a private placement that opened and closed on December 31, 2025. This rapid completion, which exceeded the bank's estimated capital shortfall of N194.5 billion, positions it comfortably to meet the N500 billion threshold required for banks with international authorisation.
The list of banks that had already met the recapitalisation benchmarks in 2025 includes:
- Access Holdings
- Zenith Bank
- Guaranty Trust Bank
- Ecobank
- Stanbic IBTC
- Wema Bank
- United Bank for Africa
- Sterling Bank
- Jaiz Bank
- Lotus Bank
- Providus Bank
- Greenwich Merchant Bank
- PremiumTrust Bank
- Globus Bank
- Citibank Nigeria
- Nova Bank
Strategic Shifts and Remaining Pressure Points
As the deadline draws closer, strategic realignments within the sector are becoming more evident. For instance, Nova Bank has opted to downgrade to a regional licence, thereby reducing its capital requirement to N50 billion. Meanwhile, Union Bank has merged with Titan Trust Bank, and a planned merger between Providus Bank and Unity Bank could create the nation's ninth-largest lender by assets.
However, not all institutions are out of the woods. Analysts indicate that a few banks remain under significant pressure. Institutions still evaluating their options—which include recapitalising, seeking mergers, or exiting the market—are reported to include Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank, Standard Chartered Bank Nigeria, Citibank Nigeria, FBN Quest Merchant Bank, and Coronation Merchant Bank.
The CBN has reiterated the underlying strength of the banking system, citing 2025 stress tests that showed key prudential indicators were within acceptable limits. The final configuration of Nigeria's banking landscape, marked by clear winners, consolidations, and potential exits, is set to become fully apparent in the coming weeks as the March 31 deadline arrives.
