List of Nigerian banks struggling to obey CBN’s directive
As June 2026 draws closer, Nigerian banks race to achieve the new minimum capital base benchmark set by the Central Bank of Nigeria (CBN).
While GTCO, Fidelity, Zenith and Access have completed their capital-raising plans, Sterling Bank is preparing to round up.
On the other hand, banks like Polaris and Providus Banks (merged with Unity) are either very quiet about their plans or facing challenges.
The CBN recently raised the minimum capital base for commercial banks. N500 billion for banks with international authorization. N200 billion for banks holding national authorization. And N50 billion for banks with regional authorization.
Banks experiencing delays with capital raising
First Bank of Nigeria Holdings
Owing to an unresolved legal battle with some shareholders since 2021. First Bank of Nigeria Holdings (FBNH) is unable to receive shareholders’ approval to raise additional capital base.
“FBNH would require a minimum additional equity funding of about N248.7 billion before the end of the recapitalisation window in June 2026, to maintain its international license,” to Afrinvest’s Banking Sector Report states.
United Bank for Africa
United Bank for Africa is yet to receive approval from the Securities Exchange Commission (SEC) on its recapitalization plans.
“The Group would require an additional N384.2 billion equity capital to maintain its international license as the group’s total capital stands at N115.8 billion as of FY: 2023,” Afrinvest explains.
Analysts predict that UBA will be in the market before the end of 2024 or early in 2025.
Ecobank Transnational Incorporated
Ecobank Transnational Incorporated (ETI) has already received shareholders’ approval to raise N840 billion to meet the CBN’s recapitalization benchmark.
This money is to be raised through senior-ranked debt, tier 2-qualifying subordinated debt or a combination of these instruments.
Providus Bank & Unity Bank
Shortly after CBN issued the directive that lenders shore up their capital base, Providus Bank merged with Unity Bank.
Providus Bank is, which is stronger than Unity Bank, has shareholders’ funds above N96.2 billion and cumulative assets of N1.5 trillion as of December 2023.
Polaris, Union, & Keystone Banks
CBN dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank over regulatory non-compliance, and corporate governance failures in January.
Shortly after, CBN chose Yetunde Oni as the managing director/chief executive officer. Then in September, the CBN chose a new board for Polaris Bank, led by Kassim Gidado, and Keystone Bank, headed by Ada Chukwudozie.
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