Fitch Ratings has reported that Nigerian banks are on course to meet the Central Bank of Nigeria’s March 2026 recapitalisation deadline, with most already securing or raising the required capital.
The firm revealed this in a non-rating commentary on Nigerian banks, published on its website on Wednesday.
In March 2024, the Central Bank set a March 2026 deadline for banks to meet new minimum capital requirements.
Under the new regulations, commercial banks with international licenses must maintain a minimum capital of ₦500 billion, while national commercial banks require ₦200 billion.
Regional commercial and merchant banks must meet a ₦50 billion capital requirement. Banks can comply through equity injections, mergers and acquisitions, or licence adjustments.
Fitch noted that its rated banks have made significant progress, with nearly all having raised capital or begun the process.
“Nigerian banks are making significant progress in raising core capital to meet new paid-in capital requirements and are generally on track to meet the end-1Q26 deadline. This is supporting a recovery in capitalisation from the impact of the naira devaluation, providing fuel for business growth. It also reduces the likelihood of significant banking sector consolidation.
“The two largest banks, Access Holdings and Zenith Bank are the first to secure enough fresh capital to meet the N500bn requirement for an international licence. First HoldCo, United Bank for Africa, and Guaranty
Trust Holding Company are taking a phased approach. They have recently raised capital and have shareholder approval to raise more to meet the N500bn requirement. First HoldCo’s and United Bank for Africa’s recent rights issues are awaiting final regulatory approval. Fidelity Bank and FCMB Group have completed initial capital raisings but will need to raise more to maintain their international licences.
“As second-tier banks, they must raise significantly more capital relative to their balance sheets than larger banks. They have extraordinary general meeting approval for this, although they could consider downgrading to a national licence as each has just one foreign subsidiary,” the commentary stated.
Fitch reported that Ecobank Nigeria Limited and Jaiz Bank required minimal capital injections to meet their targets and have already complied.
“We estimate that ENG is still in breach of its total capital adequacy ratio requirement of 10 per cent, but it has further capital-raising plans to restore compliance. Stanbic IBTC Holdings has launched a rights issue to raise capital to maintain its national licence,” it said.
Fitch also stated that strong investor interest has driven the success of most capital-raising efforts, allowing most first- and second-tier banks to meet their new capital requirements independently.
