The bank’s profit after tax climbed to N314.02 billion. This robust performance placed Zenith Bank at the forefront of Nigeria’s financial landscape, where the combined profit before tax of seven major banks reached N1.6 trillion in Q1 2026.

Key financial highlights:

• Zenith Bank retained its position as Nigeria’s most profitable lender in Q1 2026.
• The combined profit after tax of these banks rose to N1.27 trillion.
• The aggregate profit before tax of the banks grew by 6.77% from N1.5 trillion in Q1 2025.
• The performance was buoyed by elevated yields on government securities and strong interest income from loans and advances.

The banking sector in Nigeria has shown resilience amid economic challenges such as inflationary pressures and exchange rate volatility. Despite these issues, Zenith Bank’s earnings growth remained steady, even with rising impairment charges and operating costs.

The Central Bank of Nigeria reported that as of March 6, 2026, 30 banks have met new minimum capital requirements. Access Holdings Plc also reported a profit before tax of N272.21 billion, up by 22.2% from the previous year.

This recapitalisation initiative, introduced in 2024, aims to reinforce the stability and long-term capacity of Nigeria’s banking system. Yet, Access Holdings noted a decline in interest income compared to Q1 2025.

The future remains uncertain as financial institutions navigate through these economic challenges while striving to maintain profitability and stability.

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In March 2024, the Central Bank of Nigeria (CBN) initiated a significant recapitalisation programme aimed at strengthening the financial sector. This move was prompted by the need to enhance the stability and resilience of Nigerian banks in the face of both domestic and global economic challenges. The programme was designed to ensure that banks could meet revised minimum capital requirements and support economic growth effectively.

Over the course of 24 months, Nigerian banks raised a total of N4.65 trillion in new capital, with 72.55% sourced from local investors and 27.45% from international markets. This strong participation from both domestic and international investors reflects a sustained confidence in the Nigerian banking sector. By the end of the programme on March 31, 2026, 33 of the 37 banks in Nigeria had successfully met the revised minimum capital requirements.

The recapitalisation programme established new minimum Capital Adequacy Ratio (CAR) thresholds of 10% for regional and national banks and 15% for banks with international authorisation. These measures were crucial in improving asset quality and reinforcing balance-sheet transparency across the banking sector. As a result, all banks remained fully operational throughout the process, ensuring continued access to banking services for customers.

Olayemi Cardoso, the CBN Governor, stated, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.” This sentiment was echoed by other financial experts who noted the successful completion of the programme as a significant improvement over past consolidation episodes.

Dr. Muda Yusuf remarked, “This marks a significant improvement over past consolidation episodes and reflects stronger regulatory capacity, improved market discipline and greater resilience within the banking system.” The successful recapitalisation has not only fortified the banks’ capital base but also positioned them better to support lending and mobilise savings, which are essential for economic development.

As the banking sector moves forward, the CBN has set a deadline of June 10, 2026, for the submission of implementation plans for new Anti-Money Laundering (AML) standards. This initiative is expected to further enhance the integrity and transparency of the financial system, ensuring that it remains robust against illicit activities.

Currently, the Nigerian banking sector stands on a more solid foundation, equipped to face future challenges while continuing to provide essential services to individuals and businesses. The recapitalisation programme has proven to be a pivotal step in reinforcing the financial system’s stability and resilience, ultimately contributing to the broader economic growth of Nigeria.

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In January 2024, the Central Bank of Nigeria (CBN) made a significant move by dissolving the board and management of Union Bank, appointing Yetunde Oni as managing director and Mannir Ubali Ringim as executive director. This decision was met with immediate backlash from core shareholders, including Titan Trust Bank, Luxis International, and Magna International, who argued that the CBN’s actions were beyond its legal authority.

On March 26, 2026, a decisive moment occurred when the Federal High Court ruled in favor of the shareholders, ordering the restoration of the former board led by Farouk Mohammed Gumel. The court found that the CBN had acted ultra vires, meaning it had exceeded its powers, and ruled that its actions were not compliant with the Banks and Other Financial Institutions Act (BOFIA) 2020.

The court’s ruling quashed all decisions made by the CBN-appointed board and management of Union Bank, effectively halting the ongoing recapitalization process initiated under their leadership. The judgment highlighted that the shareholders’ fundamental rights were breached, as their shareholding had been reduced from 100% to 40% without a legal basis.

Justice Chukwujekwu Aneke, who presided over the case, stated, “The CBN acted beyond its powers in removing the board and management of Union Bank in January 2024.” This ruling not only reinstated the former board but also restrained the CBN and its appointed board from taking any actions related to the bank’s recapitalization.

In the wake of the ruling, the CBN acknowledged the court’s judgment and expressed its commitment to reviewing the decision while reaffirming its role in ensuring the stability and safety of Union Bank’s operations. CBN spokesperson Hakama Sidi Ali remarked, “The CBN will continue to provide the necessary regulatory oversight to ensure Union Bank operates in a safe, sound, and stable manner.”

The court’s decision has significant implications for Union Bank and its stakeholders. It not only restores the former leadership but also raises questions about the future of the bank’s operations and the legitimacy of the actions taken by the CBN-appointed board. With a capital shortfall of 224 billion Naira reported, the bank’s financial health is under scrutiny, and the shareholders’ investment of 190 million dollars is now in a precarious position.

Details remain unconfirmed regarding whether the current board can continue to carry out administrative actions following the court ruling. The situation remains fluid as stakeholders await further developments in the aftermath of this landmark decision.

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The Central Bank of Nigeria has established a recapitalisation deadline for banks, set for March 31, 2026. As of February 19, 2026, the total verified and approved capital raised stands at N4.05 trillion, with 71.6% of this amount, or N2.90 trillion, mobilised domestically. The remaining 28.33%, equivalent to $706.84 million (N1.15 trillion), has been sourced from foreign investments.

Currently, 34 banks have successfully met the new minimum capital threshold ahead of the deadline. The new minimum capital requirement for international commercial banks is N500 billion, while national banks must meet a minimum of N200 billion. Notably, the merger between Providus Bank and Unity Bank has enabled them to exceed the N200 billion requirement.

Three banks are currently under regulatory intervention and are being treated as special cases in the recapitalisation process. The recapitalisation exercise was initially introduced in March 2024, aimed at strengthening the financial stability of the banking sector.

Olayemi Cardoso, a representative from the Central Bank, stated, “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank.” He also emphasized that the bank remains actively engaged with all relevant stakeholders to ensure an orderly and credible outcome.

Ayokunle Olubunmi remarked, “I think the recapitalisation exercise has been a success thus far,” reflecting a positive outlook on the progress made. Meanwhile, the Central Bank of Nigeria is expected to issue a final status report next week, which will provide further clarity on the ongoing recapitalisation efforts.

Details remain unconfirmed regarding the final capital position of the three banks under regulatory intervention, as their outcomes depend on ongoing supervisory actions and possible support arrangements. The timeline for the completion of the recapitalisation process for these banks remains unclear.

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Ladi Balogun, CEO of FCMB Group Plc, stated, “Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence.” This announcement marks a significant milestone for the bank, which has successfully completed its N500 billion capital raise for its banking subsidiary.

The capital raise was achieved through a public offer that generated approximately N231.8 billion in gross proceeds, alongside an additional N11.0 billion raised through the minority divestment of FCMB Pensions Limited. This strategic move comes as part of FCMB’s efforts to comply with the Central Bank of Nigeria’s regulations.

Prior to this successful capital raise, FCMB Group had initially announced plans to raise N340 billion in 2024, which was later revised to N370 billion in 2025 and subsequently increased to N400 billion in November 2025. As of December 31, 2025, the bank’s verified eligible capital stood at N266.5 billion, highlighting the urgency of this recapitalisation.

FCMB Group has received the necessary approvals from the Central Bank of Nigeria, the Securities and Exchange Commission, and the National Pension Commission, ensuring compliance with regulatory standards. The deadline set by the Central Bank for banks to meet the new minimum capital requirements is March 31, 2026.

As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, reflecting a robust response from the banking sector to regulatory changes. FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year.

In a follow-up statement, Balogun expressed gratitude, saying, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.” This recapitalisation positions FCMB Group favorably within the competitive banking landscape.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, CEO of FCMB Group Plc.

FCMB Group Plc has successfully completed its N500 billion capital raise for its banking subsidiary, First City Monument Bank Limited. This significant milestone was achieved through a public offer that raised approximately N231.8 billion in gross proceeds and an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.

The completion of this recapitalisation comes as part of FCMB’s efforts to meet the new minimum capital requirement set by the Central Bank of Nigeria, which is essential for obtaining an international banking licence. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, indicating a substantial gap that needed to be addressed.

In a broader context, FCMB Group had initially announced plans to raise N340 billion in 2024, which were subsequently increased to N370 billion in 2025 and then to N400 billion in November 2025. This evolution in capital raising reflects the bank’s commitment to strengthening its financial position.

As of March 6, 2026, thirty banks have successfully met the new minimum capital requirements, showcasing a competitive banking environment in Nigeria. FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year.

FCMB Group expressed its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone. The recapitalisation deadline set by the Central Bank of Nigeria is March 31, 2026, and FCMB’s successful completion positions it well within this timeline.

This recapitalisation not only enhances FCMB’s financial stability but also aligns with regulatory expectations, paving the way for future growth and expansion in the banking sector.

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“Together, the public offer and minority divestment provide sufficient capital for the Bank to meet the revised ₦500 billion minimum capital requirement for an international banking licence,” stated Ladi Balogun, the CEO of FCMB Group Plc.

FCMB Group Plc has successfully completed its N500 billion capital raise aimed at bolstering its banking subsidiary, First City Monument Bank Limited. This significant financial maneuver was achieved through a public offer that raised approximately N231.8 billion and an additional N11.0 billion from the minority divestment of FCMB Pensions Limited.

The successful capital raise comes as the Central Bank of Nigeria has set a deadline of March 31, 2026, for banks to meet the new minimum capital requirements. As of December 31, 2025, FCMB’s verified eligible capital stood at N266.5 billion, indicating the necessity for this recapitalisation.

In the context of the banking sector, FCMB’s recapitalisation aligns with the regulatory push for stronger financial institutions. As of March 6, 2026, thirty banks had already met the new minimum capital requirements, reflecting a broader trend within the industry.

FCMB Group reported a pre-tax profit of N200.91 billion for the year ended December 31, 2025, with profit after tax surging by 141.7% to N176.91 billion compared to the previous year. This financial performance underscores the bank’s robust operational capabilities.

Balogun expressed gratitude, stating, “FCMB Group expresses its sincere appreciation to the regulatory authorities, investors, and other stakeholders for their continued support in achieving this important milestone.”

Historically, FCMB Group had initially announced plans to raise N340 billion in 2024, which evolved to N370 billion in 2025 and was finally set at N400 billion by November 2025. This progressive increase reflects the bank’s strategic adjustments in response to regulatory requirements.

The completion of this recapitalisation positions FCMB to enhance its competitive edge in the banking sector, particularly as it seeks to secure an international banking licence.

As the banking landscape continues to evolve, FCMB’s proactive measures may serve as a model for other financial institutions aiming to meet regulatory standards and foster growth.

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As of March 6, 2026, thirty banks in Nigeria have successfully met the new minimum capital requirements set forth by the Central Bank of Nigeria (CBN) as part of its ongoing recapitalisation programme. This initiative, first introduced in 2024, aims to bolster the resilience and stability of the country’s banking sector.

The recapitalisation programme has prompted thirty-three banks to raise additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements. As of February 19, 2026, these banks have collectively verified and approved a total of N4 trillion in capital, a significant step towards enhancing their financial capacity.

The CBN has established new minimum capital requirements that are considerably higher than those set in 2004. For international banks, the minimum capital requirement is now N500 billion, while national banks must meet a threshold of N200 billion. Regional commercial banks and merchant banks are required to maintain a minimum of N50 billion, and national non-interest banks must have at least N20 billion.

According to the CBN, the recapitalisation exercise is progressing steadily, with the banking system remaining stable and sound. “The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” a CBN spokesperson stated.

In the context of these developments, banks were given a deadline of March 31, 2026, to comply with the revised capital requirements. The CBN has emphasized that no bank will be allowed to collapse in a manner that jeopardizes customers’ deposits, reinforcing its commitment to safeguarding the financial system.

Observers note that the recapitalisation programme is crucial for the long-term health of Nigeria’s financial sector, especially in light of the challenges faced by banks in recent years. The CBN’s proactive measures are seen as essential to ensuring that the banking sector can effectively support economic growth and stability.

Details remain unconfirmed regarding the final outcomes of the recapitalisation programme as the deadline approaches. However, the CBN’s ongoing efforts and the positive responses from banks indicate a significant shift towards a more robust banking environment in Nigeria.

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As of March 6, 2026, thirty banks in Nigeria have successfully met the new minimum capital requirements set by the Central Bank of Nigeria (CBN) as part of its recapitalisation programme introduced in 2024. This initiative aims to bolster the resilience and stability of the financial system, ensuring that banks can effectively support economic growth.

According to the CBN, thirty-three banks have raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements. The total verified and approved capital raised by these banks reached approximately N4 trillion as of February 19, 2026. The new minimum capital requirements established by the CBN are N500 billion for international banks, N200 billion for national banks, and N50 billion for regional commercial banks.

The CBN governor highlighted the importance of this recapitalisation effort, stating, “The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.” This sentiment reflects the CBN’s commitment to ensuring that the banking sector can withstand economic challenges and contribute to Nigeria’s development.

Since the introduction of the recapitalisation programme, the CBN has maintained close supervisory engagement with financial institutions to ensure compliance with regulations. The CBN has reiterated that no bank will be allowed to collapse in a way that jeopardizes customers’ funds, underscoring its dedication to protecting depositors and maintaining public confidence in the banking system.

As part of the ongoing process, the capital positions of the remaining banks are currently undergoing the CBN’s routine verification process. The deadline for all banks to meet the revised capital requirements is set for March 31, 2026. This timeline has created a sense of urgency among banks to finalize their capital-raising efforts.

The recapitalisation programme was first announced by the CBN on March 28, 2024, as a response to the need for a more robust banking system capable of supporting Nigeria’s economic ambitions. The CBN has consistently stated that the entire banking system remains stable and sound, providing reassurance to stakeholders in the financial sector.

Observers are closely monitoring the situation as the deadline approaches, with expectations that more banks will meet the requirements. However, details remain unconfirmed regarding the final status of all banks and their compliance with the new capital thresholds.

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“Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” stated Hakama Sidi Ali, a key official at the Central Bank of Nigeria (CBN). This announcement, made on March 6, 2026, marks a significant milestone in the ongoing recapitalisation programme aimed at strengthening Nigeria’s banking sector.

The recapitalisation initiative, introduced in 2024, is part of broader efforts by the CBN to enhance the resilience of the banking system. As of this date, three banks are still undergoing regulatory verification for compliance, while a total of 33 banks have successfully raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements.

Olayemi Cardoso, the CBN governor, previously noted that as of February 24, 2026, 20 banks had already met the capital requirements. The deadline for all banks to comply is set for March 31, 2026, underscoring the urgency of the recapitalisation efforts.

According to the CBN, the recapitalisation programme is progressing steadily and is expected to reinforce the banking sector’s capacity to support households, businesses, and sustainable economic growth. “The ongoing recapitalisation programme will further reinforce the sector’s capacity to support households, businesses, and long-term economic expansion,” added Sidi Ali.

The CBN has also reassured stakeholders that the Nigerian banking system remains stable and sound, despite the challenges posed by the recapitalisation process. The regulator plans to maintain close supervisory engagement with all regulated institutions throughout this period.

Since the last major regulatory reform in 2004, this recapitalisation push is seen as a crucial step in ensuring the stability and growth of Nigeria’s financial landscape. Banks have been actively restructuring their balance sheets to meet the new regulatory requirements, reflecting a proactive approach to compliance.

As the deadline approaches, the CBN continues to monitor the situation closely, with expectations that the remaining banks will complete their compliance processes in a timely manner. The financial community is keenly observing these developments, as they will have significant implications for the overall economic environment in Nigeria.

Details remain unconfirmed regarding the specific measures taken by the three banks still under verification, but the CBN’s commitment to a stable banking system remains clear.

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