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.
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.
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