Nigerian Banks Recapitalisation Deadline Looms

The Central Bank of Nigeria’s recapitalisation deadline is fast approaching, with only eleven weeks left for banks to meet the requirement. As of January 6, 2025, 19 Nigerian banks have successfully met the apex bank’s minimum capital benchmark. These banks include major institutions such as Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, and Zenith Bank, among twelve others.

However, a significant number of banks are yet to comply with the regulation. Currently, fourteen Nigerian banks have not met the recapitalisation requirement. The list of non-compliant banks includes First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank. Other banks that have not met the requirement are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and several non-interest banks.

The recapitalisation deadline, set for March 31, has sparked predictions of possible mergers and acquisitions among financial experts. As the deadline draws near, the banking industry is likely to witness significant developments. The Central Bank of Nigeria’s recapitalisation policy aims to strengthen the banking sector by increasing the minimum capital requirements for banks. This move is expected to enhance the stability and resilience of the financial system.

The recapitalisation requirement is a critical step towards ensuring that Nigerian banks have sufficient capital to withstand economic shocks and meet the growing needs of their customers. With the deadline looming, the banks that have not yet met the requirement are under pressure to take necessary measures to comply. The outcome of this process will have significant implications for the Nigerian banking industry, and stakeholders are eagerly awaiting the next developments. As the situation unfolds, it is essential to monitor the progress of the banks and the overall impact on the financial sector.