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Under the Central Bank of Nigeria (CBN) Banking Sector Recapitalization Programme, commercial banks with international authorization are expected to hit a ₦500 billion minimum paid-in capital threshold (paid-up share capital plus share premium) within the programme window that runs from April 1, 2024 to March 31, 2026.
For Q1 2026 (January–March), the banks that are already across that line, or very close with clear capital actions, become “anchor” names because they face less license uncertainty and can focus on execution: lending, trade finance, digital growth, and regional expansion.
1) Zenith Bank
Zenith’s story in this recapitalization cycle is simple: it raised heavy capital early and positioned itself as a high-buffer bank.
Market reports around its capital raise have cited a strong subscription outcome, with figures around ₦350bn+ raised and a capital base referenced above the regulatory minimum, often discussed in the ₦600bn+ range after the offer.
Why this matters for Q1: when a bank is already comfortably capitalize, it can spend Q1 focusing on core business execution, asset growth, transaction banking, and risk control, rather than fighting for fresh equity at the last minute.
2) Access Bank
Access has been one of the clearest “done-deal” cases in this recapitalization cycle. In a December 24, 2024 statement, Access Holdings said it secured full regulatory approvals for its rights issue and described Access Bank as the first to meet the CBN’s ₦500bn minimum for international banks—adding that the bank’s capital would rise to ₦600bn, above the minimum.
Why this matters for Q1: Access can treat Q1 as a consolidation and growth quarter—more focus on scaling products, deepening corporate and retail penetration, and defending margins—rather than capital stress.
3) GTBank/GTCO
GTCO’s recapitalization path stands out because it directly pushed GTBank’s paid-up capital to the threshold. Reports in August 2025 stated GTCO increased GTBank’s paid-up share capital to about ₦504bn, explicitly noting this ensures compliance with the CBN minimum for international authorization.
Why this matters for Q1: GT’s “digital edge” is not only about apps; it is about efficiency, transaction volume, and retaining quality customers. When recapitalization is settled, Q1 becomes about converting that digital strength into stable earnings and controlled risk.
4) First Bank
FirstBank’s relevance is scale and reach. Reports in early January 2026 described FirstBank as having met the ₦500bn minimum capital base required for an international banking licence.
Why this matters for Q1: a legacy bank that clears the international threshold reduces “what happens to the licence?” anxiety and can refocus on strategy—branch productivity, corporate banking strength, and cleaning up cost and risk lines.
5) UBA
UBA is widely viewed as a strategic regional player because of its footprint across multiple African markets. Public updates show it raised a major first tranche and projected completion of the final tranche within its timeline. In 2025, management publicly indicated it expected to complete the ₦500bn requirement after earlier proceeds were verified and approved.
On “already met” status, reporting has not always been consistent in how it lists banks that have fully crossed the ₦500bn international line. In practical terms, treat UBA in Q1 as a capital-verification watch: follow what is formally disclosed about completed tranches, approvals, and the final recognised capital position.
Why this matters for Q1: if UBA’s final recognised capital position is confirmed at or above the threshold, it strengthens its ability to lean into its cross-border network—trade flows, diaspora and remittance corridors, and regional corporate banking.
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