With less than eleven weeks remaining before the Central Bank of Nigeria’s recapitalisation deadline, fourteen commercial and merchant banks are yet to meet the required minimum capital threshold.
As of January 6, 2025, nineteen Nigerian banks had successfully complied with the recapitalisation requirements set by the Central Bank of Nigeria.
Institutions that have met the benchmark include Access Bank, Fidelity Bank, First Bank, Guaranty Trust Bank (GTCO), United Bank for Africa, Zenith Bank, alongside twelve other lenders.
However, a significant number of banks are still struggling to meet the new capital requirements as the March 31 deadline approaches.
Banks yet to comply include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.
Also on the list are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, as well as other non-interest banking institutions.
Industry analysts have suggested that the looming deadline may trigger a wave of mergers and acquisitions, as affected banks explore strategic options to strengthen their capital base before the cutoff date.
