IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation requirements for deposit money banks. The guidelines mandated international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement.

There were also N20 billion requirement for national non-interest banks, and N10 billion stipulated for regional non-interest deposit money banks.

Economy Post recently listed deposit money banks that have met the CBN requirements so far. Here is a list of more than 20 banks that have met these requirements. However, there are also others that are yet to meet the threshold. Below is a list of these financial institutions.

FCMB

First City Monument Bank is so far struggling to meet the CBN requirements for financial institutions with international licenses.The bank is currently in the market with a public offer but is yet to conclude the process. The market expectation is that FCMB may do a private placement if it is unable to meet its capital expectations.

Market watchers told Economy Post that there may be an extension by the CBN if the bank isn’t able to raise the N500 billion required for deposit money banks with international licenses. A few analysts believe the deposit money bank may settle for a national operating license, which only requires N200 billion capital, if it can’t secure N500 billion.

Experts add that the bank’s capacity to meet the requirement will move its operations into mega expansion in and outside the Nigerian economy, which will enable it to attract many more shareholders and capital.

Sterling Bank

Sterling Bank is also another bank that is yet to meet the CBN’s N500 billion capital requirement for holders of international licenses. Like FCMB, the bank is also in the market for capital raising but has not yet released its results. There is, however, some optimism that Sterling Bank will meet the capital requirement, even though it has performed below analysts’ expectation on capital raising so far.

Lotus Bank

Lotus Bank, a non-interest bank, is yet to meet the CBN recapitalisation requirement for non-interest banks (N20 billion). The bank is rooted in ethical banking, and says it is committed to deepening financial inclusion and broadening the array of non-interest products available to the banked, unbanked, and under-banked population.

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However, the gap between its intention and what is on ground is N20 billion.

The Alternative Bank

Alternative Bank is a non-interest bank. In January 2014, it was provisionally allowed to offer a non-interest banking window under Sterling Bank. From that moment, it became a player in the non-interest banking sector.

Its journey took a significant leap forward in July 2023 when the CBN issued a banking license to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank.

The bank is yet to meet its recapitalisation requirement, though it is in the market for capital raising. Market watchers believe it will be able to meet its deadline before the March deadline.

Summit Bank

Summit Bank Limited was incorporated on July 15, 2024, as a limited liability company and licensed on February 5, 2025, by the CBN to provide non-interest banking services to the public.

Summit Bank offers banking services that are non-interest-based transactions. It emphasizes profit-and-loss sharing arrangements, ethical investments, and risk-sharing partnerships with its clients, with a view to promoting financial inclusion, social justice, economic equity and moral accountability.

Currently, it is yet to meet the CBN recapitalisation requirement and could merge if it fails to meet this lofty ambition.

Keystone Bank

Keystone Bank was granted a commercial banking license by the CBN on August 5, 2011. It acquired all the assets, deposit liabilities and certain other liabilities of the erstwhile Bank PHB Plc from the Nigeria Deposit Insurance Corporation (NDIC) following the revocation of the banking license of Bank PHB Plc.

Currently, it is yet to meet the recapitalisation requirement as a national bank.

Parallex Bank

Parallex Bank Limited was incorporated as a limited liability company on May 22, 2020, having successfully converted from Parallex Microfinance Bank (a national microfinance bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the CBN to carry out commercial banking services.

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Parallex Bank is located at the heart of the commercial center of Lagos with strategically placed branches across three geopolitical zones in Nigeria, including the Federal Capital Territory, Abuja.

However, it is yet to meet its capital requirements and there is yet no information about its next move.

SunTrust Bank

SunTrust Bank is a privately held commercial bank licensed by the CBN under the Banks and Other Financial Institutions Act (BOFIA). It is yet to provide any public information on its capital raises.

More so, FBH Merchant Bank and Coronation Merchant Bank are also yet to meet the recapitalisation requirements, with the investing public yet to have any clue about their intentions,

“I think things might change for Sterling Bank and, maybe, FCMB, before the deadline in March. Others may be forced to merge or may step down their licenses, particularly if the CBN insists on the March deadline,” said a former Lagos-based banker, Ms Funmi Adeboye.