Out of the 13 listed banks on the Nigerian Exchange (NGX), six have so far met the new capital thresholds set by the Central Bank of Nigeria (CBN), strengthening confidence in the ongoing banking recapitalization drive.
The banks include Access Bank, Zenith Bank, Guaranty Trust Bank (GTBank), Wema Bank, Stanbic IBTC, and Jaiz Bank.
In March 2024, the CBN directed commercial banks with international licenses to raise their capital base to N500 billion, while national banks must achieve N200 billion. Regional banks were given a N50 billion requirement, and non-interest banks were instructed to raise N20 billion (national license) and N10 billion (regional license). The deadline for compliance is March 2026.
Early Movers in Recapitalization
Access Bank became the first Tier-1 lender to meet the N500 billion benchmark. Access Holdings secured regulatory approvals for a N351 billion rights issue in December 2024, raising its share capital and premium to N594.90 billion from N251.81 billion in 2023.
Zenith Bank also crossed the threshold with N614.65 billion in share capital and premium, while GTBank’s parent company, GTCO, recently announced that its recapitalization drive had raised N365.85 billion, pushing its capital base above N500 billion.
Stanbic IBTC successfully raised N148.7 billion through a rights issue, bringing its capital base to over N200 billion satisfying the requirement for national license banks.
Wema Bank announced on September 10, 2025, that it had surpassed the N200 billion capital floor following its N150 billion rights issue, reporting a qualifying capital of N214.7 billion.
Jaiz Bank, Nigeria’s only listed non-interest bank, confirmed compliance with N20 billion requirements, with its H1 2025 results showing N28.67 billion in share capital and premium after issuing an additional 10.05 billion shares.
What It Means for the Sector
Together, the six compliant banks have raised about N1.4 trillion in fresh capital, increasing their share base by more than 55 billion units. Analysts say the early compliance by leading Tier-1 and mid-tier banks reflects market confidence and positions them for stronger competitiveness under the new capital regime.
Other banks are also making progress. United Bank for Africa (UBA) Chairman Tony Elumelu recently assured shareholders that the group will achieve the N500 billion target before Q3 2025, with ongoing rights issues and investor commitments. First Bank Holdings has also disclosed plans to raise additional capital via private placement, building on its N398 billion share capital position as of H1 2025.
With less than 18 months to the deadline, the momentum suggests most listed banks are on track to comply with the CBN’s directive, which aims to strengthen the resilience of Nigeria’s banking sector.
