The Central Bank of Nigeria (CBN) has reported that only 16 out of 34 licensed commercial banks have met the stringent recapitalization requirements by the March 31, 2026, deadline.
The banks who have met the requirements include Zenith Bank, Access Bank, 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. 
The new minimum capital requirements are ₦500 billion for international banks, ₦200 billion for national banks, ₦50 billion for regional/merchant banks, and ₦10–20 billion for non-interest banks.
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Nigerian Banks That Are Winning/Losing
Zenith Bank (+39.6%), Guaranty Trust Holding Co. (+55.1%), Ecobank Transnational Inc. (+30.4%), and United Bank for Africa (+17.1%) were among the large-cap banks with notable year-to-date gains, supported by good capital positions, dividend announcements, and strong earnings fundamentals.
Due to increased profitability and a move in investor interest towards value stocks, Wema Bank experienced impressive growth of +104.4% in the mid-tier segment, followed by Stanbic IBTC at +82.3% and Sterling Financial Holdings at +31.3%. On the other hand, Access Holdings saw a decrease of -12.8% as a result of dividend distribution uncertainty and delays in the release of H1 earnings data.
Unlike the 2004 banking consolidation scenario, the current landscape might not require extensive mergers. Why? Well…the Nigerian capital markets have played an important role in this transition, with 27 banks participating in fundraising activities, reflecting increasing investor confidence.
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This recapitalization is due to Nigeria’s goal of becoming a $1 trillion economy by 2030 through effective credit mobilization, despite challenges posed by fiscal policies, monetary shifts, and inflation dynamics.
At the end of the day, the Nigerian banking sector has shown resilience in navigating these challenges and will continue adapting as the recapitalization deadline approaches.
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