Fourteen Nigerian banks are yet to meet the Central Bank of Nigeria’s (CBN) recapitalisation requirements, with about eleven weeks to the March 31 deadline, findings have shown.
Checks indicate that 19 banks had met the apex bank’s minimum capital benchmark as of Jan. 6, 2025.
Banks that have complied with the recapitalisation requirement include Access Bank, Fidelity Bank, First Bank of Nigeria, Guaranty Trust Bank (GTCO), United Bank for Africa (UBA), Zenith Bank, and 12 others
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However, as of the time of filing this report, 14 banks were yet to comply with the CBN directive.
Those that have not met the requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank and SunTrust Bank.
Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, as well as some non-interest banks.
The CBN had earlier directed banks to shore up their capital base in line with its banking sector reforms aimed at strengthening financial stability and resilience.
Meanwhile, financial experts have projected increased mergers and acquisitions in the banking industry as institutions race to meet the March 31 recapitalisation deadline.