IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation rules mandating 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 of N50 billion.

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

As a result, several banks went to work. They began fresh equity raises in the form of rights issues and public offers to meet the capital requirements. Today, several banks have met them and are poised to expand operations post-recapitalisation.

So far, Fidelity, Globus, Wema, Providus, Rand, Taj, Nova and FSDH Merchant banks have joined Zenith, Access, GTCO, UBA, FirstHoldco, among others, in the list of deposit money banks that have met the recapitalisation requirements. Here is a list of banks that have met the requirements.

Rand Merchant Bank

Rand Merchant Bank met the requirement in December 30, 2025. This milestone, the bank said in a statement, highlighted its financial strength, resilience, and steadfast commitment to regulatory compliance. It also said the feat underscored shareholders’ confidence in the Nigerian economy and the bank’s strategic role in the country’s evolving financial sector.

Chief Executive Officer of RMBN, Mr Bayo Ajayi, said: “We are proud to have met the CBN’s capitalization requirement. This accomplishment reflects our shareholders’ confidence in the Nigerian economy and our ongoing commitment to providing best-in-class corporate and investment banking services across Nigeria and Africa. Our focus remains on building a stronger, more resilient institution capable of thriving in Nigeria’s dynamic financial environment.” Rand Merchant Bank is now a national bank.”

Fidelity Bank

Fidelity Bank Plc crossed the N500 billion regulatory capital threshold after the successful completion of a N259 billion private placement of ordinary shares in January 2026, marking a major milestone in its ongoing recapitalisation drive.

READ ALSO: UBA surpasses CBN recapitalisation benchmark with N178bn rights issue

Fidelity, now an international bank, disclosed that the private placement, conducted with the approval of the CBN and the Securities and Exchange Commission (SEC), was closed on December 31, 2025.

Proceeds from the exercise moved Fidelity Bank’s eligible capital from N305.5 billion to N564.5 billion. According to the lender, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.

Wema Bank

Wema Bank announced the completion of its recapitalisation exercise after raising N150 billion through a rights issue of 14.29 billion shares at N10.45 per share, concluded on May 21, 2025. Consequently, Wema Bank met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation. So, this consolidates Wema Bank’s position as a national financial institution.

Providus, Greenwich, Premium Trust Bank

Providus Bank merged with Unity Bank in 2024 and was the first approved merger under the CBN’s recapitalisation programme. Hence the bank is currently a national financial institution.

Similarly, in October 2025, Greenwich Merchant Bank annouced it had successfully met the N50 billion capital requirement as mandated by the Central Bank of Nigeria (CBN), making it a regional bank. Premium Trust Bank has also met its requirement, after raising over N200 billion to consolidate its position as a national bank.

TAJBank

In September 2025, TAJBank met the new capital thresholds set by the CBN as a national non-interest bank.

Managing Director/Chief Executive Officer of the bank, Mr. Hamid Joda, said: “I am happy to report that through the leadership of our bank’s board, which is led by an industry doyen, Tanko Gwamna, and the support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement and is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide.”

Stanbic IBTC

In July 2025, Stanbic IBTC Bank said it had met the recapitalisation requirement of the CBN, following the successful  conclusion of the  rights issue of its parent company, which raised N148.7 billion, with an oversubscription rate of 21.9 percent to achieve N181.4 billion capital.

READ ALSO: Rand Merchant Bank meets CBN recapitalisation requirement

Acting Chief Executive of Stanbic IBTC Holdings PLC, Dr. Kunle Adedeji, said: “The enthusiastic participation of our shareholders in the Rights Issue indicates their strong belief in our strategic vision and long-term objectives. This successful capital increase is not merely a financial milestone; it marks a definitive step towards further enhancing our capabilities for sustainable growth and development in the sector.”

Citibank Nigeria

In October 2025, Citibank Nigeria Limited announced that it had successfully met the CBN new minimum capital requirement of N200 billion for national commercial banks.

Managing Director/Chief Executive Officer of Citibank Nigeria Limited, Ms Nneka Enwereji, said: “Meeting the CBN’s N200 billion capital requirement is more than compliance – it is a statement of confidence in Nigeria’s future and a deliberate investment in its next chapter of growth.”

Standard Chartered Bank, Eco Bank

Last week, Standard Chartered Bank Nigeria Limited confirmed that it had met the CBN N200 billion minimum capital requirement for national commercial banks in November 2025. The bank said it achieved the milestone through strengthened capital investment, the maintenance of a robust and sustainable balance sheet, and disciplined financial management, ensuring full alignment with CBN requirements well ahead of schedule. Eco Bank has also silently met the requirements and will play in the post-recapitalisation era as a national bank.

Globus Bank, Nova, FSDH Merchant

Globus Bank confirmed in September 2025 that it had met the N200 billion requirement after obtaining the CBN and the SEC’s approvals for N150 billion rights issue concluded in May 2025. Hence it will play in the post-recapitalisation era as a national bank. FSDH Merchant Bank and Nova Bank have also met their recapitalisation requirements.

Access, Zenith, UBA, Access, FirstHoldco, others

Access Bank was the first to meet the N500 billion minimum through a N351 billion rights issue, with shares allotted in December 2024. Similarly, Zenith Bank announced in January 2025 that it had raised N350.4 billion through a combined public offer and rights issue. About N188.4 billion came through the rights issue while N162.1 billion was raised through the public offer, pushing Zenith Bank’s paid-up share capital to N614.6 billion.

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Also, GTCO raised N209.4 billion before the offer closed in January 2025. It subsequently raised $105 million at the London Stock Exchange (LSE) and an additional N10 billion private placement in December 2025.

Sterling Financial Holdings Company has equally met its own requirements, raising $400 million through a public offer. Also, UBA successfully raised N178.3 billion from a rights issue, lifting its capital base beyond the N500 billion minimum prescribed by the CBN for banks operating with international licences.

On January 1, 2026, FirstBank, the commercial banking arm of First HoldCo Plc, met the N500 billion minimum capital base required by the CBN, its Chairman, Mr Femi Otedola, disclosed.