By the close of H1 2025, five commercial and non-interest banks in Nigeria have successfully fulfilled the revised capital requirements set by the Central Bank of Nigeria (CBN). These institutions include Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank.

The CBN, in a directive issued in March 2024, mandated a capital increase for all banks based on their operational license tier. International banks were required to raise their capital base to ₦500 billion, while national and regional banks had to meet minimum thresholds of ₦200 billion and ₦50 billion, respectively. Similarly, non-interest banking institutions with national and regional licenses were expected to raise their capital to ₦20 billion and ₦10 billion accordingly, all by the March 2026 deadline.

Access Bank emerged as the first tier-1 bank to meet the ₦500 billion capital mark. Its parent company, Access Holdings, disclosed regulatory clearance for a ₦351 billion rights issue in December 2024. Following the capital raise, Access Bank’s share capital climbed to ₦600 billion—₦100 billion above the CBN’s benchmark.

Zenith Bank followed closely by securing ₦350.4 billion via a blend of public offerings and rights issues, which increased its capital to ₦614.65 billion, well above the required minimum.

Ecobank Nigeria, classified as a national bank, was reported by Fitch Ratings to need only minimal additional capital to meet the updated threshold. The bank has now met the requirement, although it still needs to address its total capital adequacy ratio, currently below the 10 percent standard. Parent firm Ecobank Transnational Incorporated supplemented its funding in May 2025 by raising $125 million through a reopening of its $400 million 10.125% notes due in October 2029.

Non-interest banking institutions also made notable strides. Lotus Bank disclosed that it had already surpassed the ₦20 billion capital base necessary for a national non-interest bank prior to the new regulations. Executive Director Isiaka Ajani-Lawal, speaking on behalf of MD Kafilat Araoye during a 2024 media engagement, affirmed the bank’s financial preparedness.

Similarly, Jaiz Bank, another non-interest lender, declared in early January 2025 that it had successfully crossed the ₦10 billion capital benchmark after securing regulatory approvals for a ₦10.04 billion private placement listed on the Nigerian Exchange.

With less than a year until the recapitalisation deadline, several other banks have embarked on subsequent phases of their capital-raising initiatives. These banks have explored funding options including private placements, the debt market, and foreign capital avenues.

Guaranty Trust Holding Company (GTCO) recently entered the international capital market, announcing plans to raise approximately $100 million and list new securities on the London Stock Exchange’s Main Market. In July 2024, GTCO had already raised ₦209 billion via a public offer. The latest capital injection is targeted at bolstering GTBank Nigeria’s recapitalisation efforts and advancing its strategic growth objectives.

GTCO also revealed that it intends to delist its Global Depository Receipts from the UK Financial Conduct Authority’s Official List, opting instead to list ordinary shares on the LSE. CEO Segun Agbaje noted that the move reflects GTCO’s evolving status as a dynamic pan-African financial services firm, adding, “This transition strengthens our international visibility and expands our capital access for long-term growth.”

Meanwhile, First Bank’s parent company, FBN Holdings, disclosed its plan to raise ₦350 billion, targeting Q2 2025 as the compliance date for its banking subsidiary. The company aims to achieve a paid-up capital base of ₦748 billion once the process concludes.

Afrinvest Research revealed in its midyear analysis that banks such as Fidelity, FCMB, Sterling, Stanbic IBTC, and UBA still face a ₦733.7 billion shortfall. Wema Bank, however, is progressing toward its ₦200 billion goal through a ₦150 billion rights issue and special placement.

On the other hand, Union Bank, Polaris Bank, and Keystone Bank—now under CBN management—have yet to announce any recapitalisation plans. Unity Bank, currently merging with Providus Bank, received ₦700 billion in financial accommodation from the CBN but still requires additional funds to retain its national license.

Tier-3 institutions including Globus Bank, Nova Bank, Titan Trust Bank, and Premium Trust Bank may resort to mergers or acquisitions to meet regulatory requirements. Fitch Ratings, in multiple reports, stressed that consolidation or license downgrades are likely outcomes for these smaller banks.

In a February note, Fitch stated, “While tier-1 and tier-2 institutions are making considerable progress, third-tier banks lag behind, with mergers and license revisions emerging as plausible compliance strategies.”

Foreign-controlled banks like Standard Chartered and Citibank Nigeria appear more resilient, thanks to financial support from their parent entities.

Afrinvest analysts noted, “We remain optimistic about the banking sector’s trajectory, backed by expected earnings growth and asset optimisation. The second half of 2025 will likely witness a surge in recapitalisation momentum.”

Similarly, CardinalStone projects a stable banking future, pointing to CBN’s heightened supervision and recent directives that mandate the clearance of forbearance loans before dividend disbursement. The firm added that while this may impact short-term dividends, it promotes long-term capital resilience and investor confidence.