Nigerian Banks Set to Merge as 23 Meet CBN Recapitalization Deadline

In Nigeria, three banks are preparing to merge, and 23 deposit money banks have successfully met the Central Bank of Nigeria's new recapitalization requirements ahead of the March 31, 2026 deadline. This move signifies a major milestone in the ongoing efforts by the CBN to strengthen the resilience and stability of the financial system.

The recapitalization policy, introduced in 2024, raised the minimum capital thresholds for different categories of banks, with commercial banks required to raise at least N500 billion. Notable banks like Sterling Bank and Wema Bank have successfully completed their recapitalization drives, exceeding the minimum capital requirements.