The total market value of Nigerian banks has risen above N30 trillion following fresh capital injections by both existing and new investors, significantly boosting the sector’s capitalisation.
Data from the Nigerian Exchange (NGX), where most of the country’s major banks are listed, indicates that the value of Nigerian banks has more than doubled, driven largely by the ongoing recapitalisation programme.
The increase has been attributed to the issuance of additional shares by banks seeking to meet new capital requirements, as well as renewed investor confidence triggered by positive market sentiment surrounding the recapitalisation exercise.
Publicly listed banks, which control more than two-thirds of the banking industry’s balance sheet, account for the bulk of the sector’s value, contributing about N21 trillion of the estimated industry capitalisation.
Five leading banking groups dominate the sector in terms of market value, collectively accounting for nearly half of the industry’s total valuation. These include Guaranty Trust Holding Company, Zenith Bank, First HoldCo, Stanbic IBTC Holdings and United Bank for Africa, with a combined market value of about N15 trillion.
A breakdown of their individual valuations shows that Guaranty Trust Holding Company leads with N4.35 trillion, followed by Zenith Bank with N3.82 trillion. First HoldCo is valued at N2.31 trillion, Stanbic IBTC Holdings at N2.12 trillion and United Bank for Africa at N2.10 trillion.
Other listed banking groups include Access Holdings valued at N1.38 trillion, Wema Bank at N1.09 trillion, Ecobank Transnational Incorporated at N1.068 trillion, Fidelity Bank at N984 billion, and FCMB Group at N562 billion.
Also on the list are Jaiz Bank with a valuation of N459 billion and Sterling Financial Holdings Company valued at N409 billion.
Meanwhile, the Central Bank of Nigeria (CBN) has confirmed that 30 banks have already met the new minimum capital requirements ahead of the March 31, 2026 deadline for the banking recapitalisation programme.
The apex bank had in March 2024 announced a review of minimum capital requirements for commercial, merchant and non-interest banks. Under the new policy, commercial banks with international authorisation must raise their capital base to N500 billion, while those with national licences must meet a N200 billion threshold. Banks with regional licences are required to have a minimum capital of N50 billion.
Merchant banks are required to maintain N50 billion capital, non-interest banks with national licences N20 billion, and those with regional licences N10 billion.
Providing an update on the exercise, the Acting Director of Corporate Communications at the CBN, Hakama Sidi Ali, said the recapitalisation process was progressing steadily.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” she said.
“In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.”
According to her, the CBN is currently carrying out routine verification of other banks before confirming their compliance within the stipulated timeline.
“The CBN reiterates that the Nigerian banking system remains 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,” Sidi Ali added.
Earlier, CBN Governor Olayemi Cardoso addressed concerns about three banks — Polaris Bank, Union Bank of Nigeria and Keystone Bank — currently under regulatory intervention.
He explained that these institutions might not follow the same recapitalisation timeline due to legal and structural issues.
“We remain actively engaged with all relevant stakeholders to ensure that they have an orderly and credible outcome while maintaining financial stability,” Cardoso said.
He also reassured depositors that their funds remain safe.
“Depositor funds in these institutions (Polaris Bank, Union Bank, Keystone Bank) remain secure and operations continue under close supervisory and regulatory oversight of the Central Bank,” he said.
According to the CBN, total verified and approved capital raised by banks stood at N4.05 trillion as of February 19, 2026. Of this amount, N2.90 trillion, representing 71.6 per cent, came from domestic investors, while $706.84 million, equivalent to N1.15 trillion or 28.33 per cent, was sourced from foreign investors.
Market analysts estimate that banks still have about N1.5 trillion in additional capital injections in the pipeline, which could push total capital raised to nearly N6 trillion before the March 31, 2026 deadline.
