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Nigeria’s banking sector is entering a new phase of intense competition as 33 banks that successfully raised about N4.6 trillion under the Central Bank of Nigeria (CBN) recapitalisation programme prepare to deploy the funds, triggering what analysts describe as a battle for profitable lending opportunities.
The capital raise, achieved through a mix of rights issues, public offers, private placements, and strategic investments, enabled the banks to meet the regulatory deadline, significantly strengthening their balance sheets and capacity to finance large-ticket transactions.
Under the CBN’s new minimum capital requirements, commercial banks with international authorisation must hold at least N500 billion in paid-up capital—a 900% increase from the previous N50 billion requirement.
Despite initial skepticism about the market’s ability to absorb such a substantial capital call, the “Big Seven” banks not only met the target but, in several cases, exceeded it.
Leading the pack, Access Holdings Plc became the first financial institution to execute a fully digital Rights Issue, leveraging the NGX’s E-offer platform to raise N351.01 billion. This boosted Access Bank’s share capital to N600 billion, N100 billion above the regulatory floor, making it the first bank to “breast the tape” ahead of the March 2026 deadline.
Following closely, Zenith Bank Plc demonstrated its market dominance by raising N289.44 billion through a combined Rights Issue and Public Offering. Group Managing Director Dr. Adaora Umeoji stated that the recapitalisation was aimed at driving “exponential growth” and expanding the bank’s footprint into Francophone Africa through its new Paris subsidiary. Zenith’s total capital base now stands at a formidable N614.65 billion.
