With 6 months to go, only 6 listed banks have met Central Bank recapitalization target…see list 

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 

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.

Zenith Bank 

Zenith Bank Plc has also met its recapitalization requirement.

The group’s 2024 audited accounts show that share capital and share premium stood at N614.65 billion, comfortably above the N500 billion threshold for an international license.

With the recapitalization, shares outstanding increased by 9.674 billion units from 31.40 billion in 2023 to 41.07 billion in December 2024.

Its Q1 2025 financial statements confirmed these numbers, as we await the release of H1 2025 results.

GTBank 

Guaranty Trust Bank, the flagship subsidiary of GTCO, has also crossed the N500 billion mark.

Its Q1 2025 financial statements show that share capital and share premium stood at N346.30 billion in Q1 2025 from N138.19 billion in 2023, prior to the CBN’s new directives.

Over the same period, shares outstanding increased from 29.43 billion to 34.15 billion units.

However, in a press statement issued on August 29, 2025, the group announced that following its capital injection, overall, it has increased its share capital from N138.187 billion in 2023 to N504.037 billion. This means GTCO has raised N365.850 billion.

Consequently, its shares outstanding have moved from 29.431 billion in 2023 to 36.426 billion, reflecting 6.994 billion shares added

GTCO’s H1 2025 results are expected to incorporate the full recapitalization.

Stanbic IBTC Bank 

Stanbic IBTC has also met the CBN’s recapitalization requirement for national banks.

Its 2023, and Q1 2025 financial statements show that share capital and premium stood at N109.26 billion and shares outstanding at 12.96 billion shares.

In June 2025, the bank announced the completion of its rights issue of N148.7 billion (2,944,772,083) ordinary shares, of which N140 billion was injected into the banking subsidiary, raising its capital base above the N200 billion threshold.

Consequently, shares outstanding rose to 15.90 billion units, implying the issuance of 2.95 billion new shares and raising of new capital of N140 billion

The group is yet to release its H1 2025 results, which are expected to fully reflect these recapitalization changes.

Wema Bank 

Wema Bank confirmed its compliance with the new capital requirements in a September 10, 2025, press release, announcing that it had successfully surpassed the N200 billion threshold for national license banks following the completion of its N150 billion rights issue.

According to the press release, qualifying capital stood at N214.7 billion, comfortably above the regulatory requirement.

This implies that Wema raised about N199.573 billion, given its 2023 share capital and premium position of N15.127 billion and 8.572 billion new shares.

Jaiz Bank 

Jaiz Bank, the only listed non-interest bank on the NGX, also met its recapitalization requirement of N20 billion.

Its H1 2025 financial statements show share capital and premium of N28.67 billion, up from N18.62 billion in 2023, an injection of N10.05 billion.

Shares outstanding rose from 34.54 billion to 44.59 billion units, reflecting the issuance of 10.05 billion new shares.

Overall, with six listed banks already meeting the CBN’s new capitalization thresholds ahead of the March 2026 deadline, the recapitalization drive is gaining momentum.

Early movers such as Access, Zenith, and GTCO have consolidated their Tier-1 status, while Wema, Stanbic IBTC, and Jaiz Bank have also secured compliance.

Collectively, the six banks have raised about N1.4 trillion in fresh capital, while expanding their share base by over 55 billion units.

Other lenders are on course to meet the requirement.

For example, UBA Chairman, Tony Elumelu, assured shareholders at the bank’s 65th AGM that the group will achieve the N500bn target before Q3 2025, citing steps already taken, including its 2024 rights issue. The bank is currently in the next stage of its rights issue and recently extended the deadline to accommodate more subscriptions.

First Holdco H1 2025 statement of financial position shows share capital and share premium of N398 billion. Nairametrics understands the bank is targeting a private placement in the next few weeks, which will see it raise the balance of its capital needs.