Sterling Bank, First Bank, Ecobank, 20 Others Hit CBN Recapitalisation Target Ahead of 2026 Deadline

Sterling Bank, First Bank, Ecobank and 20 among others has hit CBN Recapitalisation target ahead of 2026 deadline.

 

NewsOnline Nigeria reports that Sterling Bank, First Bank of Nigeria (FBN), Ecobank and 20 other Nigerian lenders have successfully met the new capital requirements set by the Central Bank of Nigeria (CBN), marking a major milestone in the ongoing banking sector recapitalisation drive.

 

The achievement brings the total number of compliant banks to 23 as of January 14, 2026, strengthening confidence in the stability and resilience of Nigeria’s financial system.

 

The CBN recapitalisation policy, launched in 2024, requires commercial banks with international authorisation to maintain a minimum capital base of N500 billion, national banks N200 billion, and regional banks N50 billion. Non-interest banks were also given distinct thresholds, N20 billion for national licences and N10 billion for regional operations.

 

ALSO: Outrage as FG Directs Banks, Fintechs to Begin 7.5% VAT on Electronic, USSD Banking Services

 

With the March 31, 2026 deadline approaching, banks across the country have turned to rights issues, public offers, private placements, and strategic asset sales to meet the new benchmarks. The reform mirrors the 2004 consolidation exercise under former CBN Governor Prof. Charles Soludo, which reduced the number of banks from 89 to 25 and ushered in a stronger, more stable sector.

 

Access Bank led the recapitalisation race, raising N351 billion through a rights issue of 17.77 billion shares at N19.75 each, pushing its capital base to N602.8 billion, N102.8 billion above the regulatory minimum.

 

Zenith Bank also surpassed the threshold, raising over N350 billion through a mix of rights issues and public offers to reach a capital base of N614 billion.

 

First HoldCo confirmed that its flagship subsidiary, First Bank of Nigeria, has met the N500 billion requirement after a series of strategic moves, including a rights issue, private placement, and the sale of its merchant banking arm.

 

Sterling Bank also crossed the benchmark through capital raising efforts by its parent company, Sterling HoldCo, including a recent public offer of more than N88 billion. Wema Bank, meanwhile, raised N150 billion via a rights issue, while Citibank and Standard Chartered Nigeria relied on capital support from their international parent companies.

 

Among non-interest banks, The Alternative Bank (AltBank), Jaiz Bank, TAJBank, and Lotus Bank have all met their respective capital thresholds. AltBank secured its capital injection as early as May 2025, placing it comfortably above the CBN’s minimum requirement for national non-interest banks.

 

With 23 banks now compliant, Nigeria’s banking sector is expected to be more resilient, better capitalised, and more capable of supporting large-scale investments and economic growth.

 

CBN Governor, Olayemi Cardoso, has said the recapitalisation programme is progressing as planned, assuring that non-compliant banks face licence downgrades or forced mergers rather than risks to depositors.

 

As the March 2026 deadline draws closer, analysts expect more mergers, acquisitions and capital-raising deals, which could further reshape Nigeria’s banking landscape in the months ahead.