The financial results, released on March 31, 2026, reveal that Zenith Bank’s profit after tax climbed to N314.02 billion. The bank retained its position as Nigeria’s most profitable lender during this quarter, despite facing ongoing economic challenges.

This context matters because it highlights how Zenith Bank has navigated a turbulent economic landscape characterized by inflationary pressures and exchange rate volatility. The combined profit before tax of seven major banks in Nigeria reached N1.6 trillion in Q1 2026, reflecting a growth of 6.77% from N1.5 trillion in Q1 2025.

Key statistics from the financial results:

• Zenith Bank’s profit before tax: N360.92 billion
• Profit after tax: N314.02 billion
• Combined profit before tax of seven major banks: N1.6 trillion
• Combined profit after tax: N1.27 trillion

Despite rising impairment charges and operating costs, Zenith Bank’s earnings growth remained steady, supported by strong interest income from loans and advances—factors that have significantly buoyed the banking sector as a whole.

Access Holdings Plc also reported a notable increase, with a profit before tax of N272.21 billion for the same period, which is up by 22.2% from Q1 2025. Such robust performances indicate that while challenges persist, certain banks are adapting effectively.

The recapitalisation initiative introduced in 2024 plays a crucial role in reinforcing the stability and long-term capacity of Nigeria’s banking system. As of March 6, 2026, the Central Bank of Nigeria confirmed that thirty banks have met new minimum capital requirements.

The resilience shown by Zenith Bank and its peers during these economic headwinds underscores the importance of strategic management and adaptability within the banking sector.

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The Central Bank of Nigeria (CBN) has taken decisive action by dissolving the board and management of Union Bank of Nigeria, a move prompted by serious financial irregularities. This intervention marks a significant turning point for the bank, which has faced scrutiny over its financial practices. The CBN’s decision underscores the gravity of the situation, as it aims to restore confidence in the banking sector amid growing regulatory concerns.

A forensic audit report revealed troubling financial reporting practices and transactions that raised alarms under the previous ownership and management of Union Bank. Notably, the audit highlighted a $300 million facility obtained from the African Export-Import Bank (Afreximbank) that was transferred onto Union Bank’s balance sheet without full disclosure. Such actions have led to questions about the bank’s governance and transparency, prompting the CBN to intervene.

As of March 25, 2026, Union Bank remains under the CBN’s intervention management. However, there are signs of recovery, with the bank reportedly on track to meet a new capital requirement of N200 billion by the third quarter of 2025. The CBN has assured stakeholders that Union Bank is fully capable of meeting its obligations to customers and depositors, aiming to stabilize the institution and restore public trust.

Despite the challenges, the recapitalisation exercise has not resulted in job losses within the banking sector, according to the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI). Nike Joseph, a representative of ASSBIFI, stated, “As of today, there has been no report of job loss. However, we have our eyes on them; we are monitoring.” This assurance is crucial for employees and the broader banking community, as it indicates a commitment to maintaining workforce stability during this transitional period.

The historical context of Union Bank adds another layer to the current situation. Previously owned by Barclays Bank Nigeria, Union Bank was formed following the 1979 Indigenisation Policy, which aimed to increase local ownership in the banking sector. This legacy now faces new challenges as the bank navigates the aftermath of the CBN’s intervention.

Looking ahead, the CBN’s proactive measures and the bank’s recovery plans will be closely watched. Stakeholders are eager to see how Union Bank adapts to the new regulatory landscape and whether it can regain its footing in the competitive banking environment. The CBN’s commitment to monitoring the situation and ensuring the bank’s compliance with financial regulations will be critical in determining its future.

As the situation unfolds, uncertainties remain about the long-term implications of these changes for Union Bank and its stakeholders. Details remain unconfirmed, but the focus will undoubtedly be on the bank’s ability to implement necessary reforms and regain trust among customers and investors alike.

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In March 2024, the Central Bank of Nigeria (CBN) initiated a comprehensive recapitalisation programme aimed at strengthening the capital base of the nation’s banks. This strategic move was prompted by the need to enhance the resilience of the financial system, ensuring that it could effectively support economic growth while withstanding both domestic and external shocks. The recapitalisation process was designed to meet revised minimum capital adequacy requirements, which are set at 10% for regional and national banks and 15% for banks with international authorisation.

Over the next 24 months, Nigerian banks collectively raised a remarkable total of N4.65 trillion in new capital, with the programme concluding on March 31, 2026. This substantial capital influx was crucial for bolstering the financial health of the banks involved. Notably, 33 of the 37 banks in Nigeria successfully met the revised minimum capital requirements, showcasing the effectiveness of the recapitalisation initiative.

Of the total capital raised, 72.55% was sourced from local investors, amounting to approximately N3.37 trillion, while 27.45% came from international markets, totaling around N1.28 trillion. This strong participation from both domestic and international investors reflects a sustained confidence in the Nigerian banking sector, as highlighted by Olayemi Cardoso, who stated, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The recapitalisation programme not only improved the asset quality of the banks but also reinforced balance-sheet transparency. As a result, all banks remained fully operational throughout the process, ensuring continued access to banking services for customers. This uninterrupted service was a critical aspect of the programme, as it allowed individuals and businesses to maintain their banking activities without disruption.

As the recapitalisation concluded, the CBN set a deadline of June 10, 2026, for the submission of implementation plans for new Anti-Money Laundering (AML) standards. This move is intended to further enhance the regulatory framework governing the banking sector, ensuring that banks are equipped to tackle emerging challenges in financial crime.

The successful completion of the recapitalisation programme marks a significant improvement over past consolidation episodes in Nigeria’s banking history. Dr. Muda Yusuf noted that this reflects stronger regulatory capacity, improved market discipline, and greater resilience within the banking system. The programme has established a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.

In summary, the recapitalisation of Nigerian banks has been a pivotal development for the financial sector, enhancing its stability and capacity to support economic growth. The strong local and international participation in the capital raise underscores the confidence in Nigeria’s banking system, which is now better equipped to face future challenges.

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The Central Bank of Nigeria has mandated a recapitalisation deadline for banks, requiring them to meet new minimum capital thresholds by March 31, 2026. As of February 19, 2026, a total of N4.05 trillion has been verified and approved as capital raised, with 71.6% of this amount, or N2.90 trillion, mobilised domestically.

In addition, 28.33% of the capital raised, amounting to $706.84 million (N1.15 trillion), has come from foreign sources. The new minimum capital requirement for international commercial banks is set at N500 billion, while national banks must meet a minimum of N200 billion.

Currently, 34 banks have successfully met the new capital requirements ahead of the deadline. Notably, the merger between Providus Bank and Unity Bank has enabled them to exceed the N200 billion requirement, showcasing a proactive approach to compliance.

However, three banks are under regulatory intervention and are being treated as special cases in the recapitalisation process. The recapitalisation exercise itself was introduced in March 2024, reflecting the Central Bank’s commitment to strengthening the banking sector.

Olayemi Cardoso, a representative of the Central Bank, stated, “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank.” This assurance aims to maintain public confidence in the banking system during this transitional phase.

As the deadline approaches, the Central Bank is expected to issue a final status report next week, which will provide further clarity on the recapitalisation process. The ongoing final regulatory and legal formalities for some banks may affect the overall timeline.

Ayokunle Olubunmi remarked, “I think the recapitalisation exercise has been a success thus far,” indicating a positive outlook on the progress made. Yet, uncertainties remain regarding the final capital position of the three banks under regulatory intervention, as it depends on ongoing supervisory actions and possible support arrangements.

Details remain unconfirmed regarding the exact timeline for the completion of the recapitalisation process for these banks. The Central Bank’s active engagement with stakeholders aims to ensure an orderly and credible outcome while maintaining financial stability in Nigeria’s banking sector.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, the CEO of FCMB Group Plc.

FCMB Group Plc has successfully completed its N500 billion capital raise for its banking subsidiary, First City Monument Bank Limited. This significant milestone was achieved through a public offer that raised approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.

The recapitalisation is crucial as the Central Bank of Nigeria has set a minimum capital requirement of ₦500 billion for banks seeking an international banking licence. Prior to this capital raise, FCMB’s verified eligible capital stood at ₦266.5 billion as of December 31, 2025.

FCMB Group reported a pre-tax profit of ₦200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to ₦176.91 billion compared to the previous year. This financial performance underscores the bank’s robust growth trajectory.

The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026. As of March 6, 2026, thirty banks have met the new minimum capital requirements, indicating a competitive banking landscape.

FCMB Group has received the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, which facilitated this capital raise.

In expressing gratitude, Ladi Balogun remarked, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.”

This recapitalisation effort follows FCMB Group’s earlier plans to raise ₦340 billion in 2024, which were subsequently adjusted to ₦370 billion in 2025 and ₦400 billion in November 2025.

The successful completion of this capital raise positions FCMB Group favorably within the banking sector, enhancing its capacity to serve its customers and meet regulatory standards.

Details remain unconfirmed regarding any potential future capital initiatives beyond this recapitalisation.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, CEO of FCMB Group Plc.

FCMB Group Plc has successfully completed its N500 billion capital raise for its banking subsidiary, First City Monument Bank Limited. This significant capital increase was achieved through a public offer that raised approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.

The completion of this recapitalisation comes as part of FCMB’s strategic efforts to meet the revised minimum capital requirement set by the Central Bank of Nigeria. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, necessitating this substantial capital raise.

FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year. This financial performance underscores the bank’s robust growth trajectory.

The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026. As of March 6, 2026, thirty banks have already met the new minimum capital requirements, highlighting a competitive banking landscape.

FCMB Group has expressed its appreciation to regulatory authorities and stakeholders for their support in achieving this important milestone. The approvals received from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission were crucial in facilitating this capital raise.

Historically, FCMB Group initially announced plans to raise N340 billion in 2024, which was later increased to N370 billion in 2025 and then to N400 billion in November 2025, reflecting the bank’s adaptive strategy to meet regulatory demands.

As the banking sector continues to evolve, FCMB’s successful recapitalisation positions it well for future growth and compliance with international banking standards.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” said Ladi Balogun, CEO of FCMB Group Plc.

The completion of the N500 billion capital raise marks a significant achievement for FCMB Group Plc, which has been working towards this goal to ensure compliance with regulatory requirements set by the Central Bank of Nigeria.

The capital raise was accomplished through a public offer that generated approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion raised from the minority divestment of FCMB Pensions Limited.

Prior to this successful capital raise, FCMB Group had initially announced plans to raise N340 billion in 2024, which evolved into targets of N370 billion in 2025 and N400 billion by November 2025.

As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, necessitating the recent recapitalisation to meet the minimum capital requirement for an international banking licence.

In addition to the capital raise, FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax soaring by 141.7% to N176.91 billion compared to the previous year.

The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026, and as of March 6, 2026, thirty banks have successfully met the new minimum capital requirements.

FCMB Group has expressed its gratitude to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.

Looking ahead, the successful completion of this recapitalisation positions FCMB Group to enhance its operations and expand its services in the competitive banking sector.

With the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission secured, FCMB is set to move forward with its strategic plans.

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As of March 6, 2026, thirty banks in Nigeria have successfully met the new minimum capital requirements set by the Central Bank of Nigeria (CBN) as part of its recapitalisation programme introduced in 2024. This initiative aims to bolster the resilience and stability of the banking sector, ensuring it can effectively support economic growth.

According to the CBN, thirty-three banks have raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements, contributing to a total verified and approved capital of approximately N4 trillion. The new minimum capital requirements stipulate N500 billion for international banks, N200 billion for national banks, and N50 billion for regional commercial banks.

The recapitalisation programme is progressing steadily since its inception, with the CBN emphasizing that it remains firmly on track. “The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” a CBN spokesperson stated.

The last significant increase in capital requirements occurred in 2004, when the minimum capital requirement was set at N25 billion. The current adjustments reflect the evolving economic landscape and the need for banks to maintain robust capital positions. As of now, the capital positions of the remaining banks are undergoing the Central Bank’s routine verification process.

The CBN has reassured the public that the Nigerian banking system remains stable and sound. “The entire banking system remains stable and sound,” the CBN reiterated, highlighting the effectiveness of the recapitalisation efforts in maintaining financial integrity.

As part of the programme, banks were given until March 31, 2026, to comply with the revised capital requirements. The CBN has also made it clear that no bank will be allowed to collapse in a manner that jeopardizes customers’ funds, ensuring a safeguard for depositors.

Observers are closely monitoring the situation as the deadline approaches, with expectations that the remaining banks will finalize their capital positions. Details remain unconfirmed regarding any further measures that may be implemented should banks fail to meet the requirements.

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As of March 6, 2026, thirty banks in Nigeria have successfully met the new minimum capital requirements set forth by the Central Bank of Nigeria (CBN) as part of its recapitalisation programme initiated in 2024. This initiative aims to bolster the banking sector’s capacity to support economic growth, with a total of thirty-three banks raising additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements.

Progress of the Recapitalisation Exercise

The CBN has reported that the recapitalisation exercise is progressing steadily, with the total verified and approved capital raised by banks reaching approximately N4 trillion as of February 19, 2026. The CBN emphasized that the Nigerian banking system remains stable and sound, reinforcing confidence in the financial sector.

Minimum Capital Requirements

Under the new regulations, banks were required to meet revised capital thresholds by March 31, 2026. The minimum capital requirements are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional commercial banks. This marks a significant increase from the last major capital requirement adjustment in 2004, which was set at N25 billion.

The recapitalisation programme was first announced by the CBN on March 28, 2024, as part of a broader strategy to enhance the resilience, stability, and long-term capacity of Nigeria’s financial system. The CBN has reiterated its commitment to ensuring that no bank collapses in a manner that jeopardizes customers’ funds.

Verification of Remaining Banks

While thirty banks have met the new requirements, the capital positions of the remaining banks are currently undergoing verification by the CBN. This process is crucial to ascertain the overall health of the banking sector and ensure compliance with the new regulations.

Expectations Moving Forward

Observers expect that the successful implementation of the recapitalisation programme will further strengthen the banking sector’s ability to support households and businesses, contributing to sustainable economic growth in Nigeria. The CBN has stated, “The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”

As the deadline for compliance approaches, the focus remains on the remaining banks and their ability to meet the new capital requirements. Details remain unconfirmed regarding the outcomes of the verification process for these institutions.

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“Thirty (30) banks have met the new minimum capital requirements applicable to their respective license authorizations,” stated Hakama Sidi Ali, a representative of the Central Bank of Nigeria (CBN), on March 6, 2026.

This announcement comes as part of a broader recapitalisation programme introduced in 2024, aimed at enhancing the resilience of Nigeria’s banking system. As of now, three banks are still undergoing regulatory verification for compliance, while a total of 33 banks have successfully raised additional capital through rights issues, initial public offerings (IPOs), and private placements.

The deadline for banks to meet these new capital requirements is set for March 31, 2026. The CBN has emphasized that the Nigerian banking system remains stable and sound, a crucial assurance amidst ongoing reforms.

“The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” added Sidi Ali.

The CBN has committed to maintaining close supervisory engagement with regulated institutions during this recapitalisation process to ensure full compliance with prudential and capital requirements.

This regulatory push is viewed as one of the most significant reforms in Nigeria’s banking sector since the consolidation exercise in 2004, which aimed to stabilize and strengthen the financial landscape.

As the deadline approaches, the CBN’s proactive measures and oversight will be critical in ensuring that all banks meet the necessary standards, thereby fostering confidence in the financial system.

Details remain unconfirmed regarding the specific banks that are still in the verification process, but the CBN’s ongoing efforts highlight its commitment to a robust banking environment.

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