Full List of Banks That Have Met CBN’s Capital Requirements, Others May Shut Down

• The race to meet CBN's capital requirements is on, as several top Nigerian banks have yet to achieve the target
• Among the banks that have met the requirements are Access Holdings, Zenith, Stanbic IBTC, Wema, Providus, and Jaiz
• The recapitalisation drive is the CBN’s plan to prepare banks for Nigeria’s ambition of a $1 trillion economy

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

With just seven months to the March 2026 deadline, several Nigerian banks remain short of the new Central Bank of Nigeria (CBN) minimum capital requirements.

The CBN, in March 2024, directed lenders to raise fresh equity to meet higher paid-up capital thresholds: N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks.

Non-interest lenders face lower requirements of N20 billion and N10 billion. Retained earnings were excluded, forcing banks to tap investors, restructure licenses, or pursue mergers.

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CBN target: Banks race against time

So far, only a few have sealed their positions. They include Access Holdings, Zenith Bank and Stanbic IBTC Holdings. The three banks have surpassed N500 billion in the international category.

In the national tier, Wema Bank and Providus Bank have crossed the N200 billion bar, while Globus Bank has also raised enough but awaits CBN confirmation.

Among specialised and non-interest lenders, Greenwich Merchant Bank, Jaiz Bank and Lotus Bank have completed their recapitalisation.

Banks that have met CBN thresholds so far:

• Access Holdings (International): Above N500bn
• Zenith Bank (International): Above N500bn
• Stanbic IBTC Holdings (International): Above N500bn
• Wema Bank (National): Above N200bn
• Providus Bank (National): Above N200bn
• Globus Bank (National): Above N200bn, pending CBN confirmation
• Greenwich Merchant Bank (Merchant): Recapitalised
• Jaiz Bank (Non-interest): Above N20bn
• Lotus Bank (Non-interest): Above N10bn

CBN target: Banks left with 7 months

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But for others, the clock is ticking. Top banks like First Bank Holdings, Guaranty Trust Holding Company, United Bank for Africa, First City Monument Bank (FCMB) and Sterling remain below their thresholds despite announcing raises.

First Bank has secured N187.6 billion and is seeking an additional N350 billion via a private placement, while other Tier-1 players are still in the market.

Analysts say high interest rates and weak investor appetite are complicating fund-raising, raising the likelihood of mergers and acquisitions, BusinessDay reports.

Already, Titan Trust’s takeover of Union Bank and Unity Bank’s ongoing merger talks show how smaller lenders may merge as the deadline approaches.

Providus Bank to absorb Unity Bank

Earlier, Legit.ng reported that Providus Bank, which currently holds a regional banking licence, is set to take over the corporate identity and operations of Unity Bank in a strategic merger.

The arrangement stipulates that Unity Bank’s entire share capital will be cancelled, effectively leading to its dissolution.

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Under the approved scheme of merger, Providus Bank Limited’s certificate of incorporation will serve as that of the enlarged institution, while Unity Bank shareholders will either receive cash payments or be allotted shares in Providus as part of the deal.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng