How Nigerian banks defied odds to raise N4.6trn in 2yrs

Nearly two decades after the 2004 recapitalisation that reshaped Nigeria’s banking sector and cut the number of banks from 89 to 25, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, signalled another round in November 2023. By March 2024, the policy was formalised, with a 24-month compliance window from April 1, 2024 to March 31, 2026.

The new thresholds require international commercial banks to hold N500 billion capital, N200 billion for national banks, and N50 billion for regional banks. Non-interest banks must hold N20 billion (national) and N10 billion (regional).

The exercise, aimed at strengthening banks’ resilience and supporting economic growth, began on April 1, 2024 and closes today, with signals from the apex bank suggesting no deadline extension.

In 24 months, banks raised over N4 trillion through rights issues, public offers, private placements, and divestments, among others. N1.7 trillion came in the first nine months, rising to N2.5 trillion by mid-2025 and crossing N4.6 trillion by the final stretch.

While some banks did not disclose funding sources, public filings show how the race unfolded.

November 2023
Cardoso, speaking at the 58th Annual Bankers Dinner, hinted at plans to raise banks’ capital base.

March 2024
On 28 March 2024, the CBN issued the circular announcing new requirements and rules to guide the exercise, stressing that there would be no deadline extension.

June 2024
Fidelity Bank launched a N127.1 billion combined rights issue and public offer, later extended. It closed 137.73 percent subscribed, adding N175.85 billion to its capital.

July 2024
Access Holdings opened its N351 billion rights issue (17.77 billion shares at N19.75).

GTCO launched a N209 billion initial rights issue/public offer.

FCMB Group launched a public offer, which was eventually oversubscribed by 33 percent to raise N144.6 billion.

August 2024
Zenith Bank opened its N290 billion hybrid rights issue/public offer to last from August till September 23, 2024.

September 2024
Zenith Bank’s offer closed oversubscribed, raising N350.4 billion.

October 2024
FBN Holdings opened its N150 billion rights issue, offering 6 billion shares at N25 each, billed to last till 17 December 2024.

November 2024
UBA injected N239 billion to lift its capital base to N355 billion.

December 2024
Access Holdings closed its rights issue oversubscribed, and hit a N602.8 billion capital base to become the first bank to meet the N500 billion threshold for international commercial banks.

Sterling Financial Holdings Company Plc completed a N75 billion private placement, raising N73.86 billion in net proceeds. Of this amount, N68.8 billion was allocated to Sterling Bank and N5 billion to The Alternative Bank, strengthening the capital base of both institutions.

January 2025
Zenith Bank secured regulatory approvals for its N350.4 billion raise and announced later in the year that it had reached N614 billion in capital.

Stanbic IBTC Holdings Plc also opened its rights issue, offering 2.94 billion ordinary shares at N50.50 each, to raise N148.7 billion, and announced plans to allocate 96.3 percent of the sum into its banking subsidiary to meet CBN’s threshold.

Providus Bank met its required N50 billion capital requirement, later disclosed in 2026.

February 2025
Fidelity Bank, after reaching N305 billion, secured shareholders’ approval to raise more by issuing 20 billion ordinary shares, eventually crossing N564.5 billion.

April 2025
Wema Bank launched its rights issue of 14.29 billion shares at N10.45 per share.

May 2025
Wema raised N150 billion from its rights issue and pursued an additional N50 billion private placement.

Sterling HoldCo completed a N28.79 billion rights issue, which was oversubscribed by N10.29 billion. With the regulator’s approval, the oversubscription was restructured into a private placement and injected into Altbank to meet the N50 billion threshold.

June 2025
Ecobank Transnational Inc. secured shareholders’ approval and launched a $250 million targeted capital raise.

July 2025
Stanbic IBTC closed its offer with 21.9 percent oversubscription, raising N181.4 billion and injecting N140 billion into its banking subsidiary to meet the N500 billion mark.

August 2025
GTCO completed a N366 billion raise, pushing GT Bank’s capital to N504 billion, supported by a London Stock Exchange listing.

PremiumTrust Bank announced that it had met the N200 billion capital requirement for National Banks, using a combined rights issue and private placement.

September 2025
UBA completed its N158 billion rights issue at 13 percent oversubscription to push the bank past the N500 billion mark.

Wema Bank secured regulatory approvals on its capital raise, confirming that the bank had met its required threshold.

October 2025
Citibank Nigeria met the N200 billion threshold, without disclosing details of its capital raise.

Sterling HoldCo raised N96.69 billion via an oversubscribed public offer that eventually brought in N96.69 billion to strengthen its capital base.

FCMB launched a second public offer. Note that the banking services group had already raised N22.7 billion through a mandatory convertible note, and realised N11 billion from a minority divestment in its pension subsidiary.

November 2025
Standard Chartered Bank Nigeria met the N200 billion requirement with support from its UK-based parent.

FCMB’s offer closed 150.5% subscribed, raising N231.8 billion.

January 2026
Providus Bank reached N65 billion in capital, mostly through private placement, although the announcement was delayed till March 2026.

Ecobank Nigeria met the N200 billion requirement for national banks.

First Bank finally crossed the N500 billion threshold through a combination of rights issue, private placement, and the proceeds of divestment from its merchant banking subsidiary.

February 2026
Sterling HoldCo confirmed the successful recapitalisation of both Sterling Bank and The Alternative Bank (AltBank).

March 2026
FCMB Group confirmed recapitalisation, raising over N400 billion from multiple sources to reach N509 billion and obtain its international banking license.

CBN affirmed Alpha Morgan Bank’s compliance, although the source of capital raised is not public.

Globus Bank crossed N200 billion.

Merchant banks, including FSDH, Greenwich, Nova, Quest, and Rand Merchant Bank, met the N50 billion requirement.

Non-interest banks such as Jaiz Bank, Lotus Bank, and TAJBank also met their thresholds. Other compliant banks include Tatum, Parallex, Signature, Optimus, and SunTrust Bank. (BusinessDay)