Nigeria’s banking sector has raised a combined ₦3.85 trillion in fresh capital as of March 12, 2026, according to the latest update from the Proshare Nigeria Banking Sector Recapitalisation Compliance Tracker.
The figure underscores the scale of the industry’s push to meet new regulatory capital thresholds ahead of the Central Bank of Nigeria’s (CBN) March 31 deadline.
The compliance tracker, which monitors the progress of financial institutions across different licence categories, shows that the capital raised so far totals ₦3,848.45 billion across banks that have accessed the capital market through instruments such as rights issues, initial public offerings, and private placements.
The exercise stems from the CBN’s decision on March 28, 2024, to increase the minimum capital requirements for banks, giving institutions two years to strengthen their balance sheets and meet revised thresholds tied to their licence categories.
CBN: Majority of banks are already compliant
Providing an update on the process, the apex bank confirmed that majority of the institutions have already met the requirement, Pinnacle Daily reported.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.
“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” CBN said.
The data compiled in the Proshare tracker presents a broad snapshot of the regulatory health of the banking system, showing how institutions across international, national, regional, non-interest and merchant banking licences have approached the recapitalisation programme using a mix of market funding and internal balance sheet strengthening.
Top banks by post-recapitalisation capital
Among banks that have emerged with the strongest post-recapitalisation capital positions are First Bank (FirstHoldCo) with ₦789.42 billion, followed by Zenith Bank Plc with ₦614.65 billion, Access Bank (AccessCorp) with ₦594.90 billion, UBA with ₦511.82 billion, and Fidelity Bank Plc with ₦506.81 billion.
Under the new framework, banks holding international licences are required to maintain a minimum capital base of ₦500 billion.
Both Fidelity Bank and FCMB Group, which fall into this category, are currently classified as compliant under the tracker.
Alternative routes to compliance
The recapitalisation effort has not relied solely on fresh market fundraising.
Several institutions achieved compliance through alternative capital strategies, including organic balance sheet growth and support from parent companies.
Ecobank Nigeria was specifically recorded as requiring no capital raise, while Union Bank of Nigeria met the requirement through organic capital build.
READ ALSO:
- CBN Bars Big Loan Defaulters from Fresh Credit
- CBN Tightens Instant Payment Rules, Introduces New Fraud Controls for Banks
- CBN Orders Banks to Deploy Automated Anti-Money Laundering Systems in 18 Months
- FCMB Raises ₦242.8bn to Meet CBN International Banking Rule
- Iran–US–Israel War: CPPE Flags Inflation Threat to Nigeria
Standard Chartered Nigeria and Citibank Nigeria achieved compliance through parent capital injections, while Polaris Bank’s compliance status is listed as ‘under verification’.
Within the regional licence segment, Parallex Bank Limited, Tatum Bank Limited, and Alpha Morgan Bank met the requirements through their licensing capital, while Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited were confirmed compliant under the non-interest banking category.
Merchant banks, including Coronation, Quest, FSDH, Greenwich, and Nova, were also listed as compliant using various capital structures, while Rand Merchant Bank Nigeria relied on a parent capital injection.
Banks are yet to complete the process
Despite the broad compliance across the sector, a handful of institutions are still working toward completion as the deadline approaches.
Unity Bank Plc and Keystone Bank remain in progress under the national licence category, while Providus Bank Limited is still working toward compliance under a regional licence. Abbey Mortgage Bank and Mauritius Commercial Bank Nigeria are listed as pending.
Two of the institutions still working toward compliance are pursuing business combination strategies.
Unity Bank Plc and Providus Bank Limited are currently in the final stages of a court-sanctioned merger process designed to meet their capital requirements, with proceedings recently adjourned to March 13, 2026.
Investor participation signals market confidence
The broader capital raising programme has attracted significant investor participation.
Verified data suggests that domestic investors have provided the majority of the funds mobilised, accounting for about 71.67 per cent of the capital raised so far, while foreign investors contributed 28.33 per cent, a signal of sustained international confidence in the medium-term prospects of Nigeria’s banking industry.
Taken together, the capital raising exercise points to a sector undergoing significant structural strengthening.
Balance sheets across the industry have been materially reinforced, and the range of funding instruments deployed reflects the varying circumstances of individual banks.
Focus shifts to capital resilience
With the recapitalisation deadline now less than three weeks away, the CBN is already preparing the next phase of regulatory oversight.
The regulator has directed banks to commence stress testing beginning April 1, 2026, marking a shift in focus from capital adequacy toward resilience.
For investors and market watchers, the key question is no longer whether the banking sector will meet the recapitalisation target, but how effectively the newly raised capital will be deployed to support lending, expand market share and strengthen long-term financial stability.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
