Nigerian banks are ramping up efforts to meet the stringent capital requirements that would ensure that Banks eee sufficiently strongly capitalized to meet potential stress, ahead of March 31, 2026 deadline issued by the Central Bank of Nigeria.
Banks have continued to explore mergers and acquisitions to raising fresh capital through rights issues and public offers, the industry is abuzz with strategic moves aimed at strengthening balance sheets and preserving market share.
According to Thisday report, the countdown has triggered a wave of activity across the financial sector, as lenders race not only to comply with regulatory demands but also to position themselves competitively for the future of banking in Africa’s largest economy.
No fewer than 11 banks have crossed the finish line. Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank, and Premium Trust Bank have all met the capital requirement for the operating licence they hold.
GTBank recently raised N365.85 billion through a capital injection from its parent company, GTCO, lifting its paid-up capital from N138 billion to N504 billion.
Also, Access Bank and Zenith Bank, both tier-one players, secured their positions earlier through rights issues and public offers.
With an estimated capital requirement gap was about $4.1 trillion at the beginning, but so far the banks have raised $2.8 trillion, according to o report.
But the new capital requirement which stipulated N500 billion for international banks, N200 billion for national, and N50 billion for regional, were unveiled as part of CBN’s push to strengthen balance sheets and build resilience in the face of persistent macroeconomic shocks.
As reported, other institutions are in the process of raising funds through equity markets, private placements, or asset sales, ahead of the countdown, which has triggered a wave of activity across the financial sector.
Lenders race not only to comply with regulatory demands but also to position themselves competitively for the future of banking in Africa’s largest economy.
Similarly, the United Bank for Africa Plc (UBA) is in the middle of a rights issue, which it recently extended to September 19, 2025, after securing approval from the Securities and Exchange Commission (SEC).
While, Fidelity Bank has raised more than N273 billion and is planning a private placement to close the remaining gap, FCMB has already raised N144.6 billion, is pursuing further capital through divestments from subsidiaries like Credit Direct and FCMB Pensions, alongside offshore placements.
FSDH recently sold its stake in PAL Pensions, redeploying proceeds to shore up its balance sheet, Thisday said, some banks are making tactical adjustments to navigate the higher thresholds.
Nova Bank, which once considered applying for a national licence, has opted to remain a regional player, limiting its requirement to N50 billion, while Providus Bank is in the process of acquiring Unity Bank, a move that will elevate it from regional to national status.
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, said in a chat with the Newspaper that most banks are on track, with some even ahead of schedule. He added that the heavy lifting has been done locally.
“Most are moving in line with their capital plans, and many are even ahead of schedule. Encouragingly, most of the funds have come from Nigerians, not foreign investors. Out of the roughly N4 trillion required, about N3 trillion has already been raised, largely from domestic investors. By December, we’ll have a clearer picture”, according to him.
TheNewspad reports that these early movers have effectively removed uncertainty about their status, sending reassuring signals to investors and depositors, amid uncertainty over inflation and devaluation of the Naira concerns in the Nigerian Banking sector.
