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Just IN : All Banks in frantic moves to put recapitalisation plans on course ahead of the CBN April 30 deadline
Banks are holding a string of meetings to finalise their recapitalisation plans ahead of the April 30 deadline for the submission of their implementation strategies to the Central Bank of Nigeria (CBN).
The implementation/ work plan will detail how each of the banks intends to achieve its new minimum capital requirement within the two-year timeline stipulated by the apex bank.
The details which will cover the two-year compliance period ending March 31, 2026, comprise step-by-step activities, transactional details, instruments and other options.
The CBN last month released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks. It increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance started yesterday and ends on March 31, 2026.
Banks’ insiders told The Nation yesterday that directors of the banks and professional parties were making final adjustments of market-based values and timelines.
They said about one-third of banks plan to increase their capital base mainly raising their capitals adequacy, while others outline prospects for combination of capital raise and mergers /acquisitions.
Two banks are said to be considering downgrade of their licences as final options in addition to prospects of mergers and acquisitions.
While all the tier 1 banks appeared confident of raising the required funds on a stand alone basis, they also indicated their preparedness to explore acquisition of small banks.
Living On The Margins
According to timelines of activities, about seven banks are expected to float their share offerings in the second half of this year. The capital market is expected to be busier in 2025.
An investment banking advisor said many big banks were seeking to raise more-than-needed funds in order to be in a position to cherry-pick when the recapitalisation fever pitches in mid-2025.
Under the new recapitalisation framework, banks have three broad options of injection of new equity capital, mergers and acquisitions and upgrade or downgrade of licence authorisation.
A source confirmed that Jaiz Bank has successfully scaled the recapitalisation hurdle with nearly N9 billion in excess of its national non-interest banking new capital requirement of N20 billion.
Jaiz Bank had closed 2023 with share capital and share premium of N18.62 billion. Multiple parties in the know said the bank has raised additional N10.05 billion through a recent private placement of 10.048 billion ordinary shares of 50 kobo each at N1 per share.
Investors scramble for banks’ shares on dividend expectations
It has also secured preliminary approvals to float a rights issue of about 5.41 billion ordinary shares of 50 kobo each at offer price of N1 per share. This may take the bank’s minimum capital base, under the new definition, to more than N34 billion.
A source close to the bank said it could consider acquisition and “other strategic investments” where the offers align with its growth objectives.
Shareholders of Access Holdings at the weekend mandated the company to raise $1.5 billion and N365 billion in a multi-tranche, multi-currency and multi-instrument capital raising plan.
The N365 billion rights issue is expected to be the main plank of the recapitalisation plan, while the $1.5 billion foreign-denominated issuance, which broad mandate also includes equity offering, places the group, with a bold acquisition records, in position to play big in the mergers and acquisitions market.
Access Holdings already has share capital and share premium of N251.81 billion, with about N248 billion to meet its international authorisation category of N500 billion.
Shareholders of four of Nigeria’s largest banks- Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA) and Stanbic IBTC Holdings Plc– are scheduled to meet next month to approve recapitalisation plans involving about N3 trillion.
Zenith Bank, which is rounding off conversion to holding company structure ahead of the recapitalisation, is seeking a broad mandate to double its issued share capital. The bank is creating new 3.4 billion ordinary shares of 50 kobo each for a multi-layered capital raising exercise that could see the bank with nearly N1 trillion.
GTCO is seeking shareholders’ approval for a $750 million multi-tranches, multi-instrument capital raising. The group is creating new 15 billion ordinary shares of 50 kobo each for its new share issuance programme.
UBA, which has called a meeting later next month, is seeking approval to create additional 10.8 billion ordinary shares of 50 kobo each for issuance to both domestic and foreign investors.
Fidelity Bank, which has a subsisting recapitalisation exercise, is expected to roll out additional recapitalisation measures.
FBN Holdings, which had secured earlier approval to raise some N150 billion, at the weekend cancelled an extraordinary general meeting called to consider a N300 billion capital raising plan. Market analysts expected FBN Holdings to review its recapitalisation plan upward.
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ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE
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ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperationbetweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusinessConference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-levelCanadian business delegation representing 31 companies, alongside senior government officials, businessleaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthencommercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadianbusinesses seeking opportunities across the continent.The Canadian delegation comprised companies and institutions operating across financial services, security,mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, educationand clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant andother leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalfof the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timelyplatform for deepening commercial partnerships between Canada and Africa amid shifting global economicrealities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing thatthecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immensepotential into shared prosperity.“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperityour people can feel. For the first time, the answer is yes, because of the machinery we are now building,” hesaid.RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanentSecretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmedthe State Government’s commitment to fostering an enabling environment for investment and internationalpartnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institutionbuilding.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandanincreasingly sophisticated business environment. Together, these strengths create a compelling foundationfor transformative partnership,” he said.Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, notedthattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenbothcountries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanewchapter: one that is more ambitious, more practical, and more human.” -
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlightedNigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built byNigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reachesacross Africa and around the world.”She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank isnot only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and itrepresents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investmentopportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identifypracticalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomicdevelopment.The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,while opening new opportunities for technology transfer, private sector collaboration, job creation and long-termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingtoaccess opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role inregional and global trade.
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HabariPay Launches Maiden “HabariPay Impact Report 2025”, Showcasing Its Journey, Business Evolution, and Contributions to Digital Payments
HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
To access the HabariPay Impact Report 2025, please click the below: https://squadco.com/impact-report/About HabariPayHabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
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ZENITHBANKPARTNERSLAWMA,LASWATOCOMMEMORATEWORLDENVIRONMENT DAY 2026 WITH TWO-PHASE LAGOS CLEAN-UP
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