Nigeria’s banking sector is in the middle of one of its most consequential transformations since the 2004 consolidation era. With the Central Bank of Nigeria (CBN) setting a 2026 deadline for new capital requirements, lenders are scrambling to strengthen their balance sheets, either by raising fresh funds or pursuing mergers and acquisitions.
At stake is not only compliance with regulation but survival in Africa’s largest economy, where the ability to absorb shocks and finance growth has become a matter of national importance. The recapitalisation exercise, which initially left a N4.1 trillion shortfall, has already seen banks raise about N2.8 trillion, with much of it from domestic investors.
Eleven institutions, including Access Holdings, Zenith Bank, GTBank, and Ecobank, have already met their thresholds. GTBank, for instance, lifted its capital above N500 billion after a N365.85 billion injection from its parent company, GTCO. UBA, Fidelity, and FCMB are still in the market, tapping rights issues, private placements, and divestments to close their gaps.
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