With only eight days left until the March 31, 2026 deadline, the Central Bank of Nigeria (CBN) has confirmed that 31 banks have successfully met the new minimum capital thresholds.
This massive financial shakedown, which began in March 2024, is aimed at fortifying the banking sector to support Nigeria’s goal of becoming a $1 trillion economy by 2030.
While the total number of licensed banks in the race is 34, only 31 have received the final “green light” from the regulator, leaving the remaining three in a high-stakes race against time.
Here is the breakdown of the banks that have officially cleared the hurdle based on their license categories:
International Commercial Banks (Minimum: ₦500 Billion)
These “Tier-1” giants have not only met but, in several cases, significantly exceeded the half-trillion naira requirement through aggressive rights issues and public offers.
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Access Holdings (Access Bank): Successfully raised ₦351 billion, bringing its total capital to over ₦602.8 billion.
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Zenith Bank: Fortified its base to ₦614 billion after a combined rights issue and public offer.
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Guaranty Trust Holding Company (GTCO): Exceeded the ₦500 billion mark, emerging as the most capitalized banking stock on the NGX.
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United Bank for Africa (UBA): Successfully crossed the threshold following a recently concluded rights issue.
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First Bank of Nigeria (FBN Holdings): Confirmed reaching the target through strategic initiatives including a private placement.
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FCMB Group: Cleared the ₦500 billion requirement for its international operations.
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Fidelity Bank: Successfully transitioned into the international category by surpassing the ₦500 billion mark.
National Commercial Banks (Minimum: ₦200 Billion)
A total of 10 national banks have been cleared by the CBN after hitting the ₦200 billion mark:
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Stanbic IBTC Holdings
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Wema Bank (One of the most aggressive movers, leveraging its ALAT platform)
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Ecobank Nigeria
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Sterling Financial Holdings
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Globus Bank
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Standard Chartered Bank
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Citibank Nigeria
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Premium Trust Bank
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Optimus Bank
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Providus-Unity Bank Consortium (Concluding a business combination to exceed the threshold)
Regional & Specialised Banks (Minimum: ₦50 Billion)
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Providus Bank: Confirmed it met the requirement as far back as January 2025 and currently holds a capital base of ₦65 billion.
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Greenwich Merchant Bank: Sealed its recapitalization through capital injections and debt-to-equity conversions.
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Nova Bank: Successfully transitioned to commercial banking after meeting the capital requirement.
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Parallex Bank & Signature Bank: Both have officially cleared their respective capital hurdles.
Non-Interest (Islamic) Banks
All four major non-interest banks have met their respective national (₦20B) or regional (₦10B) targets:
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Jaiz Bank
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Lotus Bank
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TAJBank
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The Alternative Bank (AltBank)
What Happens Next?
The CBN is expected to issue a final status report next week, precisely on the March 31 deadline. While 31 banks are already in the clear, three lenders—reportedly including Titan Trust and Polaris Bank—are still undergoing final forensic verification of their private capital injections. Failure to get the final sign-off by midnight on March 31 could force these institutions into immediate license downgrades or mergers.
