Concerns are mounting among bank customers as First City Monument Bank (FCMB), Unity Bank, Standard Chartered Bank, and several other financial institutions are yet to meet the Central Bank of Nigeria’s (CBN) recapitalization requirements, with just eleven weeks remaining to the March 31, 2026, deadline.
According to a report by Nigerian Newssphere, 19 commercial banks had met the apex bank’s minimum capital benchmark as of January 6, 2025.
Banks that have so far complied with the CBN’s recapitalization directive include Access Bank, Fidelity Bank, First Bank of Nigeria, Guaranty Trust Bank (GTCO), United Bank for Africa (UBA), and Zenith Bank, alongside twelve other institutions.
However, fourteen banks are yet to comply with the new capital requirements at the time of filing this report. Those yet to meet the benchmark include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan Trust), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.
Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Taj Bank, and Alternative Banks operating under the non-interest banking framework.
Meanwhile, financial analysts have warned that failure to meet the recapitalization threshold before the March 31 deadline could trigger mergers, acquisitions, or restructuring within the banking sector.
