Nigeria Banks Enter Final Stretch of Capital Reset

Nigeria's banking sector is entering the final regulatory phase of its N500 billion capital recapitalisation drive, with lenders racing to meet the Central Bank of Nigeria's March 31, 2026, deadline. FCMB Group is undergoing final CBN verification to confirm it meets the new international banking threshold, following its ₦160 billion capital raise last year. Sterling Bank faces a ₦33 billion shortfall, expected to close via rights issue, while GTCO Plc secured ₦10 billion through private placement. The recapitalisation pressures tier-3 lenders, with Union Bank attracting UAE interest and Polaris Bank considering mergers. Analysts note fintech competition intensifies the need for banks to balance innovation with capital strength. The sector's consolidation and foreign partnerships are increasingly critical for survival.

SOURCE: https://dailypost.ng/2026/02/15/nigerian-banks-enter-final-stretch-of-recapitalisation-drive/