Recapitalised and ready: How 11 banks crossed the finish line

With less than six months to the recapitalisation deadline for Nigerian banks, 11 banks have fully satisfied the minimum capital base requirements, according to findings by BusinessDay.

Three of the banks with international licenses have met the requirements, while six banks with a national license have also shore up their capital base. And two non-interest banks have met the requirements.

In this report, BusinessDay explores the different strategies adopted by these lenders that have led to an addition of N1.72 trillion to their share capital.

Access Bank – Rights Issue

Access Bank Plc, the subsidiary of Access Holdings Plc, was the first bank to reach the new minimum recapitalisation. The group raised N351 billion from its rights issue, where it issued 17.773 billion shares to existing shareholders.

Then the group spent N343 billion from the amount raised on the recapitalisation of Access Bank, moving the bank’s paid-up share capital to N594.8 billion. Before the capital rules, Access Bank had a paid-up share of N251 billion.

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Zenith Bank – Combination of public offering and rights issue

After Access Bank, Zenith Bank was the next lender to complete its recapitalisation. The bank raised N350.4 billion from its combined offer of public offering and rights issue. N343.9 billion of the amount raised was used in the recapitalization of Zenith Bank, taking the bank’s paid-up share capital to N614.6 billion.

The bank raised N188.4 billion from its rights issue and N162.1 billion from its public offer. This raise was carried out between August and September 2024.

GT Bank – Public offering and accelerated bookbuild

Guaranty Trust Bank adopted a distinct route by staging two separate public offers across two stock exchanges. This bold move positioned it as the first Nigerian financial institution to list on the London Stock Exchange (LSE).

In July 2024, its parent company, GTCO Holdings, raised N209.4 billion through a domestic public offer. A year later, it secured an additional $105 million (about N156 billion) via an accelerated bookbuild on the LSE. The group subsequently recapitalised

GT Bank with N365.85 billion, increasing its paid-up share capital from N138 billion to N504 billion.

Stanbic IBTC Bank – Rights issue

Stanbic IBTC Bank was the first national bank to hit the recapitalisation requirement. Before the capital rule, the bank had N62.5 billion in paid-up share capital. This figure increased to N202.5 billion after the group, Stanbic IBTC Holdings, recapitalised the bank with N140 billion.

Stanbic IBTC Holdings carried out a rights issue in January, where the group raised N150 billion. The group recorded a 121.9 percent subscription rate from the rights issue. At the conclusion, the group spent N140 billion of the amount raised on the recapitalisation of the banking subsidiary.

Wema Bank – Rights Issue and Private Placement

In quite a revolutionary fashion, Wema Bank has concluded the recapitalisation exercise, with its paid-up share capital currently at N264.9 billion.

When the capital rule was announced, Wema Bank had just concluded a N40 billion rights issue, which occurred in December 2023. Essentially, before the recapitalisation efforts began, the bank had a N67.1 billion paid-up share capital. Then, between April to May 2025, the bank launched a N150 billion rights issue.

With the completion of the rights issue in September, the bank crossed the minimum recapitalisation of N200 billion with N217 billion. In October  2025, the bank announced it had completed a private placement of N50 billion. After the rights issue and private placement, the bank was recapitalised with N197.7 billion.

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Globus Bank – Two Private Placements

Globus Bank has raised N155 billion in two tranches of private placements to take its paid-up capital to N200 billion.

In an interview with BusinessDay, Elias Igbinakenzua, the bank’s managing director, said that the bank had raised N53 billion in 2024 and raised an additional N102 billion in 2025.

Igbinakenzua said, “Last year, 2024, we raised an additional N53 billion to take the paid-up capital to N98.5 billion. This year, 2025, we have just completed the balance by raising another fresh capital of N102 billion. So, subject to CBN’s capital verification, we have completed our capital raise exercise and have crossed the CBN requirement of N200bn for a bank with national authorisation, ahead of the Q1, 2026 deadline.”

Premium Trust Bank – Private Placement (Details Undisclosed)

One of Nigeria’s youngest banks, Premium Trust Bank, has completed its

N200 billion capital raise. While details of the process remain undisclosed, since the bank operates as a private company, the funds were likely secured through a private placement of shares.

Speaking to BusinessDay, Emmanuel Emefienim, CEO of Premium Trust Bank, described the milestone as “a defining moment,” noting that the bank has exceeded the N200 billion capital requirement, though specifics of the capital raise were not made public.

Citibank Nigeria – Capital Injection by Parent Group

Citibank Nigeria, which is a subsidiary of Citigroup, announced it had reached the N200 billion paid-up capital mark.

Nneka Enwereji, managing director/CEO of Citibank, in a statement, said, “Meeting the CBN’s N200 billion capital requirement is more than compliance – it is a statement of confidence in Nigeria’s future and a deliberate investment in its next chapter of growth.”

The capital raise by Citibank Nigeria was facilitated by a capital injection by the holding group, Citigroup.

Ecobank Nigeria – No raise needed

When the recapitalisation was announced, Ecobank Nigeria was the only bank with a national license that was not affected. With a paid-up share capital of N353 billion, the bank had satisfied the minimum paid-up share capital requirement.

However, the asset quality of the bank remains in question, a factor that necessitated the raising of additional tier-1 capital by the group in July.

Jaiz Bank – Private Placement

As a non-interest bank, the minimum capital requirement for Jaiz Bank is N20 billion. When the recapitalisation was announced, the bank had a paid-up capital of N18.6 billion, with a shortfall of N1.4 billion.

However, in line with the capital rule, the bank raised about N10 billion in a private placement. The bank now has a paid-up share capital of N28.6 billion.

Lotus Bank – No raise needed

Before the recapitalisation was announced, Lotus Bank had a paid-up share capital of N20.9 billion. As a non-interest bank, the bank, just like Ecobank, was not obligated to raise additional share capital.