The Central Bank of Nigeria has announced the successful conclusion of the banking sector recapitalisation programme initiated in March 2024, confirming that 33 banks met the revised minimum capital requirements after raising a combined N4.65 trillion in fresh capital over the 24-month period. The milestone, disclosed in a statement jointly signed by Dr Olubukola Akinwunmi, Director of Banking Supervision, and Mrs Hakama Sidi-Ali, Acting Director of Corporate Communications, marks the most significant capital raise in Nigerian banking history and positions the sector for enhanced resilience and growth.
The programme recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector despite currency volatility and macroeconomic pressures . CBN Governor Olayemi Cardoso described the outcome as a strategic achievement, stating that the recapitalisation has strengthened the capital base of Nigerian banks, reinforcing financial system resilience and ensuring the sector is well-positioned to support economic growth while withstanding domestic and external shocks .
Under the new framework, commercial banks with international authorisation were required to hold a minimum of N500 billion in paid-up capital—a 900 per cent increase from the previous N50 billion requirement—while national banks were mandated to achieve N200 billion and regional banks N50 billion. Non-interest banks faced thresholds of N20 billion for national licences and N10 billion for regional licences . The programme, which drew comparisons to the landmark 2004 consolidation under then-CBN governor Charles Soludo, was executed without disruption to banking services, ensuring continuous access for customers throughout the process .
Among the institutions that scaled the new thresholds, Access Holdings set the pace as the first financial institution to complete the exercise, raising N351.01 billion through a fully digital rights issue that pushed its share capital to N600 billion . Zenith Bank followed with N289.44 billion raised via a combined rights issue and public offering, achieving a total capital base of N614.65 billion. GTCO successfully increased GTBank’s paid-up capital to N504 billion through a subscription exercise totalling N365.85 billion, becoming the first West African financial institution to dual-list on both the Nigerian Exchange and the London Stock Exchange during the cycle .
Fidelity Bank emerged as a standout performer, raising N272.95 billion through a combined offer that recorded a 237 per cent oversubscription for its public offer and 137.73 per cent for its rights issue. United Bank for Africa, First Bank, and FCMB similarly confirmed their status, with First Bank targeting a total paid-up capital of N748 billion through private placements . In the national category, Stanbic IBTC Holdings met the requirement following a rights issue that raised N181.4 billion, reflecting a 21.9 per cent oversubscription rate, while foreign-owned entities including Ecobank Nigeria, Standard Chartered, and Citibank achieved compliance through parent-company support and international note taps .
The CBN confirmed that the recapitalisation strengthened Capital Adequacy Ratios across the sector, with banks maintaining levels above international Basel benchmarks. Minimum CAR thresholds remain at 10 per cent for regional and national banks and 15 per cent for banks with international authorisation . The programme was implemented alongside an orderly exit from regulatory forbearance, a move the central bank said has improved asset quality, reinforced balance sheet transparency, and enhanced overall financial system stability .
To safeguard the gains, the CBN has strengthened its risk-based capital adequacy framework, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers. Key regulatory measures, including prudential guidelines and the supervisory framework, will be subject to periodic review to support ongoing strengthening of governance, risk management, and sector resilience .
A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks. The CBN noted that all banks remain fully operational, ensuring continued access to banking services for customers . The central bank reiterated its commitment to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public .
As the sector transitions from capital mobilisation to deployment, attention has shifted to how effectively banks will channel the N4.65 trillion toward productive lending. Industry analysts emphasise that success will depend on balancing risk, returns, and developmental impact in an increasingly competitive environment . The Centre for the Promotion of Private Enterprise has called for strategic redirection of bank lending toward the real economy, warning that without stronger financial intermediation, the impact of recapitalisation could be limited .
