The Business NG - March 20, 2026

In this issue

With just 11 days to the banking recapitalisation deadline, uncertainty is growing among customers as three lenders—Polaris Bank, Keystone Bank, and Union Bank of Nigeria—have yet to publicly disclose their recapitalisation plans.

Their silence stands in stark contrast to a broader industry trend, where most banks have already clarified their capital-raising strategies and confirmed compliance with regulatory thresholds.
Across the sector, the recapitalisation programme has delivered outcomes that go well beyond regulatory requirements. Domestic investors accounted for 71.67 per cent of total capital raised, while foreign participation at 28.33 per cent signals sustained international confidence in Nigeria’s banking system.

These inflows have strengthened balance sheets, improved liquidity, and reinforced investor confidence.
Several banks have taken decisive steps to meet the new capital thresholds. For instance, United Bank for Africa and FCMB Group successfully leveraged rights issues and public offers, attracting strong participation from institutional and retail investors alike. Other institutions have adopted alternative approaches, including private placements and parent-company capital injections, reflecting the diversity of strategies across the sector. Recent audit revisions to recapitalisation data have also improved transparency, refining capital figures for key banks and reinforcing confidence in the exercise