By Mary Onyia
Ahead of the March 31, 2026 deadline set for full compliance with new capital requirements, Zenith Bank Plc, Access Bank, Guaranty Trust Holding Company (GTCO), and eleven other banks have successfully recapitalised, well ahead of schedule.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced the development at the Monetary Policy Committee (MPC) meeting in Abuja, describing it as proof of the banking sector’s resilience and readiness to drive sustainable economic growth.
Under the new framework, the minimum capital base for international banks was raised from ₦25 billion to ₦500 billion, in line with global standards. So far, Access Holdings, Zenith Bank, GTCO, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Globus Bank, Premium Trust Bank, Greenwich Merchant Bank, Jaiz Bank, and Lotus Bank have all confirmed full compliance.
Cardoso assured Nigerians that the financial system remains strong and well-capitalised, stressing that the recapitalisation exercise would expand credit opportunities, strengthen businesses, and boost customer confidence.
Meanwhile, Union Bank has finalised its merger with Titan Trust Bank, creating a stronger entity to compete in the evolving financial landscape. With more than a year to the deadline, other lenders are expected to intensify efforts to meet the recapitalisation target.
Recall that the Central Bank of Nigeria announced the new recapitalisation framework in 2024, mandating banks to significantly scale up their capital bases to enhance stability, deepen resilience, and align with global best practices. The move followed concerns over exchange rate volatility, inflationary pressures, and the need to strengthen the banking system’s capacity to support Nigeria’s long-term growth.
The policy mirrors a similar exercise carried out in 2004 under then-CBN Governor Charles Soludo, which raised the minimum capital requirement from ₦2 billion to ₦25 billion. That reform reduced the number of banks through mergers and acquisitions, leaving a stronger and more consolidated sector.