ABUJA – The ambitious overhaul of Nigeria’s financial landscape is entering its final stretch, with 33 out of 37 deposit money banks successfully hitting the new minimum capital requirements set by the Central Bank of Nigeria (CBN).
As the March 31, 2026, deadline looms just days away, a new banking hierarchy has emerged. The “Big Seven” international license holders—led by Access Bank, Zenith Bank, and GTCO—have effectively cornered the market, wielding a combined post-recapitalization capital of N4.15 trillion. This accounts for nearly 58% of the N7.2 trillion total capital injected into the industry during this exercise.
The New Power Rankings
Access Bank currently sits at the apex with a capital base of N662.22 billion, bolstered by a rights issue that was oversubscribed by a staggering 5.76%. Zenith Bank follows with N614.65 billion, while GTCO maintains a strong third with N514.04 billion.
In the national category, several lenders have proven their mettle. Ecobank Nigeria, Stanbic IBTC, Wema Bank, and Sterling HoldCo have all crossed the N200 billion threshold. Notably, Wema Bank’s capital efficiency has been attributed to the success of its digital platform, ALAT, while Ecobank leveraged its parent group’s deep pockets to secure a N353.51 billion buffer.
Legal Quagmires and M&A Hurdles
Despite the general success, a few institutions remain in regulatory limbo:
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- Union Bank: A recent Federal High Court ruling nullified the CBN’s 2024 intervention, reinstating the previous board and effectively halting its current recapitalization path. The CBN has since stated it is reviewing the judgment to ensure “safe and sound” operations continue.
- Unity-Providus Merger: This high-stakes business combination is in its final stages. While the combined entity is expected to surpass the N200 billion mark, the process is awaiting a final court sanction, with recent proceedings adjourned to April 21, 2026.
- Keystone & Polaris: Both banks, currently under AMCON and CBN oversight, have yet to publicly finalize their compliance routes, with CBN Governor Olayemi Cardoso acknowledging that legal and structural complexities may push their resolution beyond the standard timeline.
Shift to “Stress-Testing”
The era of simply “having the cash” is ending. Effective April 1, 2026, the CBN will transition the industry into a rigorous stress-testing phase.
”The focus is shifting from capital adequacy to capital resilience,” Governor Cardoso noted. This new phase will simulate extreme economic shocks—including commodity price crashes and foreign exchange volatility—to ensure that the newly raised funds can actually support sustainable lending and withstand systemic threats.
