Introduction

In March 2024, the Central Bank of Nigeria (CBN) raised the minimum capital requirements for banks: ₦500 billion for those with international authorisations, ₦200 billion for national licenses, and ₦50 billion for regional banks. With a deadline set for March 2026, banks have just six months left to comply. 

As of October 2025, only six of Nigeria’s thirteen listed banks have fully met the new targets. For CFOs, treasurers, and business leaders, this recapitalization is about financial resilience, competitive positioning, and unlocking capacity for growth.

What CBN’s New Recapitalization Policy Requires

• In March 2024, CBN issued a circular increasing minimum paid-up capital thresholds: ₦500B for international license banks, ₦200B for national, ₦50B for regional.
  
• Applies to commercial, merchant, and non-interest banks.
  
• Deadline for full compliance: March 31, 2026.

Which Banks Have Met the Thresholds

Here are the six listed banks that have met the new CBN capital requirements as of October 2025:

1. Access Bank: Access Bank became the first Tier-1 lender to meet the CBN’s new ₦500 billion capital requirement for banks with international authorization. In December 2024, its parent company, Access Holdings, secured regulatory approval for a ₦351 billion rights issue. This was reflected in the 2024 financial statements, with share capital and premium rising to ₦594.90 billion from ₦251.81 billion in 2023. The move added ₦343.09 billion in capital and increased outstanding shares from 35.55 billion to 53.32 billion units.
2. Zenith Bank: Zenith Bank Plc has successfully met the CBN’s ₦500 billion recapitalization requirement for banks with international licenses. Its 2024 audited accounts show share capital and premium at ₦614.65 billion, with shares outstanding rising by 9.67 billion units to 41.07 billion. These figures were confirmed in its Q1 2025 results, ahead of the H1 2025 release.
3. GT Bank: Guaranty Trust Bank (GTCO) has successfully surpassed the CBN’s ₦500 billion recapitalization requirement. As of Q1 2025, share capital and premium rose to ₦346.30 billion from ₦138.19 billion in 2023, with shares outstanding increasing from 29.43 billion to 34.15 billion units. Following a recent capital injection, GTCO’s share capital further increased to ₦504.04 billion, adding 6.99 billion new shares. The bank’s H1 2025 results are expected to fully reflect this recapitalization.
4. Stanbic IBTC: Stanbic IBTC has met the CBN’s recapitalization requirement for national banks. As of Q1 2025, share capital and premium stood at ₦109.26 billion, with 12.96 billion shares outstanding. In June 2025, the bank completed a ₦148.7 billion rights issue, injecting ₦140 billion into its banking subsidiary and raising its capital base above the ₦200 billion threshold. This increased shares outstanding to 15.90 billion, with H1 2025 results expected to fully reflect these changes.
5. Wema Bank: Wema Bank announced on September 10, 2025, that it had successfully met the CBN’s ₦200 billion recapitalization requirement for national banks. This follows the completion of its ₦150 billion rights issue, which raised its qualifying capital to ₦214.7 billion, well above the threshold. The bank added 8.57 billion new shares, reflecting a capital increase of about ₦199.57 billion from its 2023 position of ₦15.13 billion.
6. Jaiz Bank: Jaiz Bank, the only listed non-interest bank on the NGX, has met the CBN’s ₦20 billion recapitalization requirement, with its H1 2025 financials showing share capital and premium rising to ₦28.67 billion from ₦18.62 billion in 2023. Shares outstanding also increased by 10.05 billion units to 44.59 billion.

Why Some Banks Are Still Behind

• Capital Raising Challenges: Many banks are pursuing rights issues, private placements, or tapping into bond markets. Economic headwinds, inflation, and currency volatility make this expensive.
  
• Regulatory & Operational Costs: Ensuring proper governance, fulfilling documentation, and aligning with CBN’s reporting standards adds cost and complexity. Smaller banks often lack scale.
  
• Investor Confidence & Liquidity Constraints: Market conditions and investor sentiment heavily influence the ability to raise fresh equity. Liquidity in some regions remains tight. 

Conclusion

The CBN’s recapitalization policy signals a push for resilience and scale in Nigeria’s banking sector. While only six banks have met the threshold so far, the rest must act swiftly before the March 2026 deadline. Strengthened capital bases will translate into greater capacity to support businesses, trade, and economic growth.

To navigate this transition, partner with a payment and FX provider like Bluebulb, one that works only with compliant institutions, offers cross-border payments you can rely on, and provides visibility and control over your financial flows.