The Digest:
With less than 90 days to the Central Bank of Nigeria’s recapitalisation deadline, 19 banks have now met the new capital requirements, including recent additions First Bank, Fidelity Bank, and FSDH Merchant Bank. Industry analysts expect more lenders to finalise their capital raises in January as the financial sector undergoes its most significant regulatory reshaping in over a decade.
- 19 banks have now met the CBN’s new capital requirements ahead of the March 31 deadline
- Recent additions include First Bank, Fidelity Bank, and FSDH Merchant Bank
- Fidelity Bank raised approximately ₦250 billion through a private placement in December
- CBN Governor Olayemi Cardoso confirmed several banks have already met the new thresholds
- Some institutions, like Nova Bank, downgraded their licence category to meet lower requirements
- Mergers are progressing, including Union Bank with Titan Trust and Providus with Unity Bank
- Banks yet to recapitalise include Keystone, Polaris, Standard Chartered, and several merchant banks
Sources: Nairametrics, Leadership Newspapers, Central Bank of Nigeria
