With about 100 days left until the March 31, 2026 deadline for Nigeria’s banking sector recapitalisation, banks are working against time to meet the CBN’s minimum requirements.
There are suggestions that several banks could be forced to close if they are unable to meet the deadline.
No bank is closing, ACAMB tells Nigerians amid recapitalisation rumours.
Olayemo Cardoso-led CBN says banking system remains strong as recapitalisation gathers pace.
However, the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has dismissed the rumours, stating that as many as 12 banks face imminent closure, describing such claims as false and dangerous.
In a statement signed by its president, Rasheed Bolarinwa, ACAMB warned that such alarmist narratives are misleading and harmful.
The association stressed that all banks submitted vetted recapitalisation plans to the CBN in 2024, and the regulator has repeatedly expressed satisfaction with the implementation progress.
ACAMB said Nigerian banks remain safe, sound and adequately capitalised, adding that misinformation around the recapitalisation exercise is baseless and could have serious economic consequences.
Also, Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., said only a few institutions remain under real pressure.
He said
“Nothing dramatic has happened yet on the mergers front, but by January or February, we could see clearer outcomes.”
Olubunmi said, noting that capital raising through private placements and rights issues could dilute shareholders who fail to participate.
CBN: Banks’ recapitalisation drive
The recapitalisation drive has also triggered strategic realignments. Nova Bank opted to downgrade its licence to regional status, reducing its capital requirement to N50 billion, Leadership reports.
Meanwhile, consolidation is gathering pace, with Union Bank merging with Titan Trust Bank, while Providus Bank is set to merge with Unity Bank, a deal expected to create Nigeria’s ninth-largest lender by assets size.
According to disclosures by the Central Bank of Nigeria (CBN), 16 banks have already met the minimum capital requirements for their respective licence categories, reflecting steady progress across the sector as the deadline approaches.
CBN Governor, Olayemi Cardoso, recently confirmed that several lenders have either met or exceeded the new capital thresholds, while others are advancing steadily and remain well positioned to comply with the requirements.
The banks said:
“Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to meet the March 31, 2026 deadline comfortably.”
He disclosed that 27 banks have accessed the capital market through public offers and rights issues, adding that stress tests conducted in 2025 showed the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.
Nigeria’s banks under Olayemi Cardoso-led CBN shift from survival mode to strategic growth ahead of the 2026 recapitalisation deadline.
Sixteen banks hit capital targets as the banking sector braces for the March 2026 deadline amid reforms by Olayemi Cardoso-led CBN.
Banks that have met the recapitalisation requirements include:
Access Holdings
Zenith Bank
GTBank
Ecobank
Stanbic IBTC
Wema Bank
Jaiz Bank
Lotus Bank
Providus Bank
Greenwich Merchant Bank
PremiumTrust Bank
Globus Bank
Citibank Nigeria
United Bank for Africa
Nova Bank
Sterling Bank
Fidelity Bank and FCMB Group are among those in advanced stages of capital raising and regulatory verification.
CBN’s foreign reserves record first gain in 5 months
Earlier, Reported that Nigeria’s foreign exchange (forex) reserves have recorded the first increase in five months, significantly boosting the CBN’s fight to help naira recover its lost value.
In a statement published on its website, CBN reinstated its commitment to intervene in the foreign exchange markets to increase liquidity and ease demand pressure on naira.
Forex reserves recorded a modest increase of $1.72 million over the weekend to close at $33.22 billion.
