82-Day Deadline: Over 19 Nigerian Banks Meet ₦500bn CBN Capital Requirement
The ₦500bn CBN capital requirement has triggered an intense final phase in Nigeria’s banking sector as lenders race against an unmovable March 31, 2026 deadline. With only 82 days left, the recapitalization directive issued by the Central Bank of Nigeria under Governor Olayemi Cardoso is rapidly reshaping the financial landscape. The policy is aimed at strengthening banks against systemic shocks and equipping them to support the federal government’s long term vision of building a one trillion dollar economy. Recent industry data now confirms that more than 19 Nigerian banks have either fully met the new capital threshold or are completing the final stages of regulatory approval.
First Bank of Nigeria has emerged as one of the earliest success stories in this recapitalization drive. The bank formally announced that it has attained the ₦500 billion minimum capital base well ahead of the deadline, cementing its position as a leading Tier 1 institution. Through a carefully structured mix of rights issues and private placements, FirstBank was able to attract strong investor interest from both local and foreign markets. Its achievement stands out because the CBN guidelines strictly recognize paid up capital and share premium, excluding retained earnings from the calculation.
Other major lenders have followed closely behind. Banks such as Zenith Bank, GTCO, and Access Holdings have all returned to the capital market with large scale public offers to strengthen their balance sheets. The result has been a crowded primary market, with multiple banks competing simultaneously for investor funds. While the bigger institutions have largely navigated this environment with relative ease, the pressure has been far more intense for mid tier and smaller banks.
For these institutions, the revised capital thresholds have forced hard strategic decisions. Under the new framework, banks with international licenses must maintain ₦500 billion in capital, national banks must meet ₦200 billion, while regional lenders are required to hold ₦50 billion. Several medium sized banks are now reportedly exploring mergers, acquisitions, or strategic partnerships as alternatives to downgrading their licenses or exiting the market altogether.
As the 82 day countdown continues, the Central Bank has made its position clear that the deadline is final and non negotiable. There will be no extensions beyond March 2026. For investors, the recapitalization window presents an opportunity to buy into a stronger and more resilient banking sector. For the banks themselves, attention is already shifting from raising funds to effectively deploying the new capital toward digital transformation, improved risk management, and expanded credit to the real economy. The weeks ahead will be decisive, especially for institutions still scrambling to meet regulatory expectations and secure their place in Nigeria’s evolving banking hierarchy.
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