Nigeria’s banking sector is ramping up capital mobilisation ahead of the March 31, 2026 deadline set by the Central Bank of Nigeria (CBN), Leadership reported.

Nineteen banks have now met the new capital thresholds, with First Bank Nigeria, Fidelity Bank, and FSDH Merchant Bank among the latest to comply.

Fidelity Bank raised around N250 billion through a private placement in December 2025, exceeding its capital gap of N194.5 billion and positioning it to meet the CBN’s N500 billion minimum for banks with international authorisation. First City Monument Bank has also secured shareholder approval to raise up to N400 billion to strengthen its capital adequacy and retain its international licence.

The sector is seeing strategic realignments as some banks merge or adjust licences to meet requirements. Union Bank has combined with Titan Trust Bank, Providus Bank plans a merger with Unity Bank, and Nova Bank downgraded to regional banking to reduce its capital requirement. Analysts warn that ongoing recapitalisation may lead to shareholder dilution and ownership shifts, with banks such as Keystone, Polaris, and Standard Chartered Nigeria still finalising their plans.