• Fidelity Bank raised 259 billion naira, lifting eligible capital above CBN requirements
• First Bank of Nigeria also confirmed compliance after multiple recap moves
• Banks face a March 31, 2026 deadline under Nigeria’s recapitalization program

Nigeria’s banking sector has moved closer to full compliance with new capital requirements set by the Central Bank of Nigeria (CBN). Two major lenders have now confirmed that they meet the minimum thresholds under the regulator’s recapitalization program.

Fidelity Bank said on January 6 it raised 259 billion naira ($181.7 million) through a private placement of ordinary shares finalized at the end of December 2025. The transaction lifted the bank’s eligible capital to 564.5 billion naira, above the 500 billion naira minimum required for banks holding an international license.

The operation capped a capital-raising process launched in 2024, when Fidelity completed a public offer and a rights issue to existing shareholders. Those transactions raised 175.85 billion naira and increased eligible capital to 305.5 billion naira, leaving a shortfall of 194.5 billion naira to fully meet regulatory requirements.

First Bank also clears the bar

First Bank of Nigeria, the commercial banking subsidiary of First HoldCo Plc, has also reached the required capital level. In a statement issued on January 5, 2026, the group said its bank now complies with the CBN’s capital requirements.

The recapitalization relied on several transactions, including a rights issue, a private placement, and the injection of proceeds from the sale of the group’s merchant banking subsidiary.

Countdown to March 2026

The announcements come less than three months before the March 31, 2026 deadline set by the CBN for the recapitalization of Nigeria’s banking sector. The timeline forms part of a broader regulatory effort to strengthen bank balance sheets and enhance their capacity to finance the economy.

According to CBN Governor Olayemi Cardoso, 16 banks had met or exceeded the new capital thresholds by the end of November 2025, while several others had reached an advanced stage of compliance.

Nigeria’s banking recapitalization program was announced in November 2023 and formalized through regulatory guidelines issued on March 28, 2024. The framework sets differentiated capital thresholds based on the type of banking license, with the aim of aligning capital levels with the scope of banks’ activities and reinforcing the resilience of the financial system.

Chamberline Moko