WITH a March 2026 deadline looming, several banks have already achieved or made significant strides toward meeting the new minimum capital thresholds.
According to Proshare Research’s Weekly Banks Recapitalization Watch, the capital-raising is in top gear among Nigerian banks in response to the Central Bank of Nigeria’s (CBN) recapitalisation directive.
One of the most notable developments is the United Bank for Africa’s (UBA) highly successful rights issue, which was oversubscribed with N251 billion. However, in line with the offer terms, the bank accepted N240 billion, which brought its total capital base to N355.2 billion. The bank aims to raise the remaining N144.8 billion before the end of the year. In a significant show of commitment, UBA Chairman Tony Elumelu acquired 1.27 billion shares at an average price of N34.64 per share, amounting to a personal investment of N43.91 billion.
Access Holdings has become the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorization. This milestone follows the conclusion of its Rights Issue, which raised N351 billion through the issuance of over 17.7 billion ordinary shares at N19.75 per share. This positions Access Bank Plc as a frontrunner in the recapitalisation race.
Zenith Bank has also crossed the capital requirement mark, announcing at its April 2025 Annual General Meeting (AGM) that its combined Rights Issue and Public Offer were oversubscribed by 160 per cent. As a result, Zenith’s total share capital now stands at N614 billion, further solidifying its position as one of the strongest capitalised banks in the country.
Wema Bank’s Rights Issue, which closed on May 21, 2025, was another crucial step toward compliance. The bank’s Managing Director, Mr. Moruf Oseni, announced at the 2024 AGM that the bank has met the recapitalisation threshold, pending final verification from the CBN. Additionally, shareholders approved a resolution to raise another N50 billion within 60 days, potentially pushing the bank’s capital to N267 billion by mid-year.
First Holdco, after raising N187.6 billion from an oversubscribed N150 billion Rights Issue, is proceeding with a N350 billion Private Placement as part of its broader capital-raising strategy. The Group’s chairman expressed optimism that the bank will meet its recapitalisation target well before the CBN deadline.
Fidelity Bank is also advancing its recapitalisation efforts. Following initial phases, the bank has secured CBN approval to proceed with a Private Placement, expected to begin in the second half of 2025. This is expected to help close the gap toward its minimum capital requirement.
Abbey Mortgage Bank is targeting N100 billion through a combination of rights issue, public offer, and other instruments. This move is not just for recapitalisation compliance, but also part of the bank’s ambition to transition into a regional commercial bank, aligning with the CBN’s minimum capital requirement of N50 billion for such institutions.
Meanwhile, Unity Bank has yet to disclose its recapitalisation status due to ongoing merger discussions with Providus Bank. The outcome of this strategic move could significantly shape its path to compliance.
Proshare analysts noted a generally positive investor sentiment surrounding the recapitalisation exercise. The strong uptake in many of the rights issues and offers reflects confidence in the stability, performance, and long-term growth potential of Nigerian banks.
However, they caution that the next few months—especially for institutions like Wema, UBA, and Fidelity—will be pivotal in determining the overall pace and success of the sector-wide recapitalisation effort.
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