With less than 24 hours to the recapitalisation deadline set by the Central Bank of Nigeria, CBN, indications have emerged that about 12 commercial banks may fail to meet the requirement.
The CBN had fixed March 31, 2026, as the final deadline for banks to shore up their capital base in line with its directive aimed at strengthening the financial system.
Findings show that out of the 44 deposit money banks operating in the country, only 32 have successfully met the recapitalisation threshold. The remaining 12 lenders are still exploring last-minute options to comply and avoid regulatory sanctions.
Industry sources reveal that some of the affected banks are pursuing merger arrangements, while others are considering private placements as alternative means of raising the required capital before the deadline expires. However, uncertainty persists over their ability to conclude these processes within the limited timeframe.
Speaking on the development, CBN Governor, Yemi Cardoso, said the recapitalisation exercise has recorded significant progress, noting that the majority of banks have complied.
According to him, the exercise has strengthened the resilience of Nigeria’s banking sector and positioned it to better mobilise long-term capital for economic growth.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” Cardoso said.
Meanwhile, data from the apex bank indicates that the combined market value of 13 listed banks on the Nigerian Exchange Limited, NGX, including the tier-one “FUGAZ” banks, has exceeded ₦20 trillion.
The FUGAZ banks—First Bank of Nigeria Holdings Plc, United Bank for Africa, Guaranty Trust Holding Company, Access Holdings Plc, and Zenith Bank Plc—continue to dominate the market.
Other listed lenders include Fidelity Bank Plc, FCMB Group Plc, Sterling Financial Holdings Company, Ecobank Transnational Incorporated, Wema Bank Plc, Unity Bank Plc, Jaiz Bank Plc, and Stanbic IBTC Holdings Plc.
Breakdown of market capitalisation shows that GTCO and Zenith Bank lead with ₦4.2 trillion each, followed by First HoldCo at ₦2.2 trillion. Stanbic IBTC and UBA both stand at ₦2.1 trillion, while Access Holdings is valued at ₦1.39 trillion.
Others include Ecobank (₦1.09 trillion), Wema Bank (₦1.06 trillion), Fidelity Bank (₦971.4 billion), FCMB Group (₦511.1 billion), Jaiz Bank (₦465.96 billion), Sterling Financial Holdings (₦419.5 billion), and Unity Bank (₦17.65 billion).
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