Out of the 13 listed banks on the Nigerian Exchange (NGX), six have so far met the new capital thresholds issued by the Central Bank of Nigeria (CBN).
They include Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC.
In March 2024, the CBN directed commercial banks with international authorization to increase their capital base to N500 billion, while those with national licenses must raise N200 billion.
Banks with regional authorization were given a N50 billion capital floor. Similarly, non-interest banks with national and regional authorizations are required to increase their capital to N20 billion and N10 billion, respectively.
The CBN gave a compliance deadline of March 2026.
Access Bank was the first Tier-1 lender to hit the N500 billion new capital threshold for banks with international authorization as set by the CBN.
Its parent company, Access Holdings, announced in late December 2024 that it had received regulatory approvals for a N351 billion rights issue.
This was reflected in the group’s 2024 financial statements, as share capital and share premium rose to N594.90 billion, up from N251.81 billion in 2023.
This indicates that the bank has additional capital of N343.092 billion and additional shares of 17.773 billion new shares as shares outstanding increased from 35.55 billion in 2023 to 53.318 billion units, representing the issuance of 17.773 billion new shares.
You probably aren’t well informed about this.
I suggest you make your findings right.