At least five banks have complied with the Central Bank of Nigeria's revised capital requirements as of the end of the first half of 2025. These include Lotus Bank, Jaiz Bank, Ecobank Nigeria, Zenith Bank, and Access Bank.

The CBN's new capital criterion of N500 billion for banks with international authorization was first met by Access Bank, a tier-1 lender. In late December, Access Holdings, its parent company, announced that its N351 billion rights issue had been approved by regulators.

According to the Holdco, the bank's share capital would rise to N600 billion as a result of this achievement, which is N100 billion more than the legal minimum. This milestone allowed Access Bank to surpass the benchmark in the same year as the CBN directive.

Zenith Bank Plc followed, raising N350.4 billion through its public offering and rights issuance to exceed the benchmark. The bank's share capital increased to N614.65 billion with this additional raise, surpassing the legal minimum requirement by N114.65 billion.

Next came Ecobank Nigeria, a national bank that, according to Fitch Ratings, had already complied with the requirement and only needed a minor capital infusion. The lender has additional capital-raising plans to bring it back into full compliance, but it calculated that it was still below the 10% total capital adequacy ratio threshold.

Ecobank Transnational Incorporated, the parent company of the bank, was able to effectively tap its $400 million in 10.125 percent notes due on October 15, 2029, for an additional $125 million in May 2025.

Lotus Bank, a non-interest bank, disclosed that its capital base already surpassed the N20 billion needed to qualify as a national non-interest bank.

Speaking at a media parley in 2024, an executive director at the bank, Isiaka Ajani-Lawal, who represented the Managing Director, Mrs. Kafilat Araoye, said, “Even before the CBN announced the new minimum capital base, we already had it as a national bank.”

Recapitalisation drives merger fever

Legit.ng reported that the Central Bank of Nigeria's (CBN) recapitalisation target is set to significantly reshape the country's banking landscape, particularly impacting smaller banks.

The deadline for meeting the new capital requirements is March 31, 2026.

According to reports, two Nigerian banks, one with a regional licence and another with a national licence, have begun merger talks, which may be finalised in the coming months.