It is less than 7 months for all banks to meet the Central Bank of Nigeria's recapitalisation requirement. By March 31st, 2026 the window of recapitalisation will be closed. However, it might be extended by a few months. We have curated the list of NGX quoted banks that have met their recapitalization exercise.
What is happening here?
The CBN increased the capital requirement of banks in March 2024. International banks were to recap to N500 billion, national banks to N200 billion, and regional banks to N50 billion. The regulator gives them till March 31, 2026, to complete the huddle.
The goal of the recapitalization was to turn Nigeria into a trillion-dollar economy. Aside from this, it will help build a strong financial system. Banks can lend more and diversify their lending to more sectors and subsectors of the Nigerian economy.
The previous recapitalization in 2004 saved Nigerian banks from the global recession during 2007 and 2008. For the current one, the full benefits will be fully determined later on.
Summary of the Banks that have met their recapitalization
Through its parent company GTCO, the bank currently meets its recapitalization requirement. A capital injection of 365.85 billion Naira was transferred to the bank's equity. Bringing its total equity capital to N504 billion.
Access Bank raised its capital through a rights issue on the Nigerian Exchange Group. A total of N334 billion was raised. The bank’s current equity is 568 billion Naira.
Zenith Bank was also successful with its introduction of new equity capital of N350 billion, thereby hitting N614.6 billion as per its half-year 2025 financials.
Another listed company is Stanbic IBTC. Through its parent company, the company raises a substantial amount of capital. Its total equity now stands at N745.97 billion.
Wema Bank uses the Access Bank strategy to raise 157 billion in a rights issue. Its current equity will stand at N214.14 billion. The bank will introduce additional capital of N50 billion. But this awaits regulatory approval.
Jaiz Bank, a non-interest bank quoted on the NGX, has met the recapitalization requirement. Although non-interest banks are expected to have a threshold of N10 billion, Jaiz Bank has planned to increase its equity by N150 billion.