Nigeria’s 2026 Bank Recapitalization: Which Banks Are Safe?

As the March 31, 2026 deadline approaches, Nigeria’s banking sector is entering the decisive phase of the Central Bank of Nigeria’s (CBN) recapitalization programme. Contrary to earlier reports suggesting that only 19 banks have met the new capital requirements, the situation has evolved rapidly. As of January 2026, about 22 of Nigeria’s 34 commercial banks have already secured their operating licences under the revised rules.

For customers concerned about the safety of their deposits and the stability of their banks, here is a clear, fact-based snapshot of where the industry currently stands—cutting through the confusion and misinformation.

Fully Recapitalized Banks

Under the new framework, the CBN requires ₦500 billion in paid-up capital for international banks and ₦200 billion for national banks. Importantly, retained earnings do not count; only fresh, paid-up capital qualifies.

The following banks have met the requirements:

• International licence secured:
  Access Bank, Zenith Bank, GTBank, UBA, First Bank, and Fidelity Bank have all surpassed the ₦500 billion threshold, firmly retaining their international banking status.
• National licence secured:
  FCMB, Wema Bank, Standard Chartered, and Citibank have met the ₦200 billion requirement. FCMB is also closing in on the ₦500 billion mark to upgrade to an international licence.
• Other compliant banks:
  Stanbic IBTC, Sterling Bank, Providus Bank, Globus Bank, and Premium Trust Bank have all officially cleared their required capital levels.

Mergers, Acquisitions, and Strategic Downgrades

The recapitalization exercise has also accelerated consolidation and strategic repositioning across the sector:

• Unity Bank and Providus Bank are finalising a merger that is expected to produce one of Nigeria’s top 10 lenders.
• Titan Trust Bank has completed its integration with Union Bank, significantly strengthening its capital position.
• Nova Bank opted for a regional banking licence (₦50 billion), choosing to focus on a specialised, high-value market segment, a move widely seen as strategically sound.

Non-Interest Banking on Solid Ground

Islamic banks continue to demonstrate resilience. Jaiz Bank, Taj Bank, and Lotus Bank have all met the ₦20 billion capital requirement for non-interest banks, reinforcing the growing strength of niche banking models in Nigeria.

What This Means for Customers

For the few banks still below the threshold, the final weeks before the deadline will likely involve last-minute mergers, acquisitions, or private equity injections. For customers, the outcome is clear: Nigeria is emerging with a stronger, better-capitalised, and more transparent banking system, designed to better protect deposits and support long-term economic growth.