The Central Bank of Nigeria (CBN) has confirmed that 13 out of the 33 participating banks have yet to fully meet the new minimum capital requirements ahead of the March 31, 2026 deadline.
The recapitalisation policy, introduced as part of broader financial sector reforms, is designed to strengthen Nigeria’s banking system, improve resilience, and enhance global competitiveness.
Although the CBN has not officially published a complete list of the 13 affected institutions, industry reports indicate that several mid-tier and smaller banks are still working to close their capital gaps.
Banks widely reported to be among those still raising capital include:
Unity Bank Plc – currently exploring merger arrangements to boost its capital base.
Providus Bank Limited – linked to ongoing consolidation discussions.
First City Monument Bank Plc (FCMB) – reportedly raising additional funds to strengthen its licence position.
Guaranty Trust Holding Company Plc (GTCO) – said to be pursuing fresh capital to solidify its regulatory standing.
Financial analysts suggest that additional banks within the mid-tier category may also be affected, with many considering mergers, acquisitions, rights issues, and private placements as strategies to meet the deadline.
The CBN has reassured the public that it is closely monitoring the process and remains committed to safeguarding depositors’ funds and maintaining financial system stability.
Further developments are expected as the March 31 deadline approaches.
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