Wema Bank Joins Zenith, Access in CBN Recapitalisation Race, Meets Target Ahead of Deadline
- Another commercial bank joined the list of growing banks meeting the Central Bank of Nigeria’s (CBN) recapitalisation target
- Wema Bank reached the required ₦200 billion capital threshold for a national banking licence
- However, some banks, including the big ones, are still actively raising capital to meet the CBN’s target and deadline
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria (CBN) has confirmed that eight commercial banks have fully met the revised ₦500 billion capital base requirement for licensed international banks
These lenders achieved this through a mix of rights issues, private placements, and equity injections.

Source: Twitter
Banks leading the recapitalisation race
Among the compliant banks are Access Holdings Plc, Zenith Bank, Wema Bank, Lotus Bank, Jaiz Bank, Stanbic IBTC, Providus Bank, and Greenwich Merchant Bank.
The recapitalisation mandate, introduced in March 2024, calls for banks with international authorisation to hold ₦500 billion in paid‑up capital and share premium by March 31, 2026

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This step is aimed at improving resilience and expanding lending capacity.
Wema Bank joins the list
According to a BusinessDay report, Wema Bank has joined the growing list of Nigerian banks which have scaled the recapitalisation hurdle.
Wema Bank’s addition swells the number of banks on the list, which improves investors’ and depositors’ confidence in the banking industry.
The remaining industry faces huge shortfalls
Other banks, including GTCO, UBA, Fidelity, FCMB, Sterling, and First Holding Company, still face significant funding gaps estimated at roughly ₦965 billion collectively.
Oversubscription signals investor appetite
Rights issues at Zenith and Access were heavily oversubscribed. Zenith’s public offering drew 160% in excess, while Access raised ₦351 billion via rights issue to boost its capital base to ₦594.9 billion.
Meanwhile, the CBN has imposed restrictions on banks not meeting the recapitalisation threshold — directing them to suspend dividends, defer executive bonuses, and limit foreign investments to shore up capital.

Source: Twitter
Benefits to Nigeria’s banking system
- Enhanced financial stability: Larger capital buffers reduce risk exposure in stress periods
- Stronger funding capability: Banks are now better placed to underwrite credit and support growth plans
- Boosted investor confidence: Oversubscribed capital raises signal faith in Nigerian banks
- Regulatory clarity: Streamlined guidelines define clear thresholds and timelines
- Competitive consolidation: Smaller banks must merge or downsize to remain relevant
- Protection for depositors: Stronger capital translates to safety for customers’ funds
What’s Next?
As the March 2026 deadline approaches, regulators expect more banks to complete their capital raising efforts.
Those falling short could see license downgrades or consolidation through mergers.
With market watchers tracking every move, the banks that make the cut early stand to gain in credibility, lending capacity, and investor funding.
Stanbic IBTC hits CBN recapitalisation target
Legit.ng earlier reported that the number of Nigerian banks that have hit the recapitalisation target set by the CBN increased to about five.
The development comes as Stanbic IBTC Bank disclosed that it has met the apex bank’s recapitalisation requirements after a successful conclusion of rights issues of the parent company, which raised N148.7 billion, with a 21.9% oversubscription rate to achieve N181.4 billion.
Stanbic IBTC Bank holds a national banking licence from the CBN and has a minimum recapitalisation target of N200 billion.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng