In line with the Central Bank of Nigeria's (CBN) new capital base policy, commercial banks have been deploying various strategies to meet the target. Notably, compliance is significant to their continuous existence and regulatory approval.
In an update by the CBN in March 2024, the minimum capital requirements for lenders were adjusted. Effective from April 1, 2024, lenders with an international authorisation were placed on the threshold of N500 billion, national banks require N200 billion, and regional banks require N50 billion for new regulatory approval.
Rooted in the CBN's move was to strengthen financial operators against all forms of economic shocks. It noted that the new recapitalisation will promote stability in the Nigerian financial system and ensure financial institutions have the capacity to support Nigeria's economic development and financial inclusion.
As the lenders were given 24 months to make a regulatory approval in line with the adjustment, they have till March 2026.
For financial operators, they can meet the capital base via various initiatives as stipulated by the CBN. These are deploying fresh equity capital via methods like private placements and rights issues, or by pursuing mergers and acquisitions.
In the effort to meet the threshold, GTB is the latest commercial bank to meet the capital requirement, making it nine in total. Access Bank became the first to meet the new capital base in December 2024, before Zenith, Stanbic, Wema and so on followed suit.
This article details the list of all nine lenders that have met the CBN's minimum capital requirements
In December 2024, Access Bank raised N351 billion through a rights issue, becoming the first to surpass the CBN's N500 billion minimum capital requirement for lenders with international authorisation. The development increased its share capital to N600 billion.
The rights issue of 17,772,612,811 Ordinary Shares at 50 Kobo each, priced at N19.75 Kobo per share, raised the lender's share capital to N600 billion. The total capital base was also significant because it exceeded the CBN's threshold of N500 billion by N100 billion.
In July 2025, the lender raised N350.4 billion through a rights issue and public offer, pushing its share capital to N614.65 billion. This was N114.65 billion above the N500 billion required minimum capital requirement for a tier-1 lender.
The move also stems from a N290 billion rights issue and public offer raised last year. The stock offered 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the offer for subscription presented 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share.
Also Read: Zenith Bank in talks to acquire a tier-two lender in Kenya within the next 3 months.
Its parent company, Stanbic IBTC Holdings, raised N148.7 billion in July 2025 through the successful completion of a rights issue. With an oversubscription rate of 21.9%, it achieved N181.4 billion.
Pivotal in its N200 billion minimum capital requirement target was the N140 billion injected in the lender by its parent company. This secured its regulatory approval and further cemented its financial operations for customers.
Wema Bank raised N150 billion through the rights issue of 14,286,785,417 ordinary shares at N10.45 per share on May 21, 2025. The process allowed the lender to reach the N200 billion capital base set for tier-2 financial institutions.
With over 30% of the CBN target of N200 billion already met in its first tranche, the company's N200 billion in fresh capital rights issue goal in its second tranche was a process carried out without pressure.
The non-interest lender had nothing much to do. The company met the CBN's capital base requirement of N20 billion in 2024, allegedly before the threshold was set.
Its executive director, Isiaka Ajani-Lawal, who represented the Managing Director, Mrs Kafilat Araoye, said earlier this year that, "Even before the CBN announced the new minimum capital base, we already had it as a national bank."
Based in Lagos, Lotus Bank is a non-interest institution that started operations in July 2021. It offers ethical and Sharia-compliant financial products and services.
Also Read: A chat with Akinlabi Adegoke about Lotus Bank's human-centred digital strategy.
Another non-interest lender, Jaiz Bank, met the N20 billion threshold in January. The company announced that it crossed the new minimum capital requirement with the listing of its N10.04 billion from its private placement on the Nigerian Exchange Group.
Though founded in 2003, it commenced operations in 2012. The company offers ethical financial services based on Islamic banking principles to individuals, corporations, and government entities.
Following the Providus-Unity merger approval by the CBN, the financial institution was able to meet the minimum capital requirements.
The merger was a perfect marriage. Unity Bank has faced longstanding financial and operational challenges, while Providus, a newer and more active player in the Nigerian banking space, brings tech services into the industry.
Through a combination of a completed rights issue and strategic financial planning, the financial institution met the threshold of N50 billion for the merchant category.
According to a list released by the CBN Governor, Olayemi Cardoso, the company was listed among the eight lenders that successfully scaled the hurdle and fully completed their recapitalisation.
The Guaranty Trust Bank is the latest financial institution to meet the CBN's new minimum capital requirement, all thanks to its parent company. Guaranty Trust Holding Company Plc strengthened GTB's capital base with a fresh equity injection of N365.85 billion through a rights issue.
The capital injection saw GTB's share capital rise from N138.19 billion to N504.04 billion. It has now cemented its regulatory approval as a tier-1 financial institution.
By September, UBA will become the 10th lender to meet the new capital base. Its rights issue, worth N157.8 billion, which opened on Wednesday, July 30, 2025, and is expected to close on Friday, September 5, 2025. It also represents the second tranche under UBA's ₦400 billion Equity Shelf Programme.
First Bank Holdings (First HoldCo) has also announced plans to raise ₦350 billion through private placement by H2 2025, targeting a total paid-up capital of ₦748 billion. Others are Fidelity, FCMB and Sterling.