Kelechukwu Mgboji 
Several Nigerian banks have made significant strides in their respective recapitalisation programmes, pushing ahead of the Central Bank of Nigeria’s (CBN) March 2026 deadline.
With oversubscribed offers, robust private placements, and aggressive acquisition of shares by insiders, the financial services sector is entering a new phase of consolidation and resilience.
Access Holdings has distinguished itself as the first bank to officially meet the CBN’s N500 billion capital requirement for international banks. Its recent rights issue raised N351 billion through the issuance of over 17.7 billion shares at N19.75 each.
This milestone cements Access Bank’s leadership in capital adequacy and positions it for future expansion. United Bank for Africa (UBA) is also a frontrunner in this drive, securing a staggering N251 billion in its recently concluded rights issue—well above the N240 billion target approved by the CBN.
Though regulatory provisions limited the bank to absorb only N240 billion, its capital base has now swelled to N355.2 billion.
The remaining N144.8 billion is expected to be raised later in the year. Notably, UBA Chairman Tony Elumelu fortified investor sentiment by acquiring 1.27 billion shares at an average price of N34.64, representing a personal investment of N43.91 billion.
First Bank Holdings (First Holdco) also reported strong momentum, having concluded a N150 billion rights issue that was oversubscribed by 25 per cent, attracting N187.6 billion in subscriptions.
The next tranche—a N350 billion private placement—is set to launch shortly. At the group’s recent Annual General Meeting (AGM), the Chairman exuded confidence that the recapitalisation programme would be completed ahead of schedule.
Wema Bank, in turn, closed its N149 billion rights issue on May 21, 2025, with indications from Managing Director Moruf Oseni that the bank has satisfied recapitalisation benchmarks, pending verification by the apex bank.
A fresh N50 billion raise is expected within 60 days, lifting its capital base to an estimated N267 billion. Zenith Bank reported a powerful 160 per cent subscription to its dual offer—combining rights and public placements—raising its share capital to N614 billion.
This positions it among the best-capitalised banks in Nigeria. Fidelity Bank has entered the second phase of its recapitalisation programme.
Following regulatory approval for a private placement, the bank is expected to commence its next round of capital raising in the second half of 2025.
Abbey Mortgage Bank is preparing for an ambitious transition from a primary mortgage lender to a regional commercial bank, unveiling a plan to raise N100 billion via rights issues, public offerings, or alternative instruments.
The move aligns with the CBN’s revised capital requirement of N50 billion for regional banking licences, signalling Abbey’s intent to leapfrog regulatory thresholds. Unity Bank, however, remains circumspect.
Its proposed merger with Providus Bank has taken precedence, delaying disclosure of its capital plans. According to analysts at Proshare, investor appetite for banking equities remains robust, suggesting market faith in the long-term viability of Nigeria’s financial institutions.
While the early successes of UBA, Wema, and Fidelity set the tone, the months ahead will prove critical in determining the full recalibration of the sector’s capital landscape.
