Amount Each Bank in Nigeria Needs to Raise to Meet N500 Billion Minimum Capital Set by CBN

The Central Bank of Nigeria on Thursday 28 March, 2024 announced a new minimum share capital for commercial banks, increasing it from N50 billion to N500 billion 100% increase, representing 100% increase.

This will lead to recapitalisation of all the commercial banks' capital base to strengthen the banking sector and the financial system.

In a statement released in Abuja by the apex bank's Acting Director, Corporate Communications, Mrs. Sidi Ali the minimum capital base are categorized according to the level operations licenses by the banks.

Banks with international authorisation will now require  N500 billion, those with national authorisation will require N200 billion, while those will regional authorization will need N50 billion mimium capital base.

"The new minimum capital base for commercial banks with national authorisation is now N200bn, while the new requirement for those with regional authorisation is N50bn," Sidi Ali said

There are currently 26 commercial banks in Nigeria. These deposit money banks operate as international, national or regional banks depending on types of licence issued to them by Central Bank of Nigeria inline with the Banking and Other Financial Institutions Act (BOFIA) 2010

No bank is authorized to carry out banking business in Nigeria except one licensed under any of the following categories:

  • commercial banks,
  • merchant banks and
  • specialised banks (this includes non-interest banks, mortgage banks, microfinance banks, development banks)

A commercial bank may be licensed to operate as regional, national, or international bank in compliance with rules, regulations and guidelines on licensing, authorization, operation and conduct of business which CBN issues from time to time.

International Commercial Banks 

A bank with an international commercial banking licence is permitted to operate across 36 states of the country and the FCT,  and also outside Nigeria.

However, the foreign countries such bank chooses to extend its operations are subject to the approval of the CBN and the host country. The paid-up capital required for this level according to BOFIA is ₦50 billion, which has now been reviewed upward to N500 billion.

National Commercial Banks 

A National commercial bank is licensed to operate across all the states of the federation including FCT, and should have at least one branch in each state. BOFIA provides that any financial institution seeking to be licensed as national commercial bank shall have minimum of N25 billion initial paid-up capital, which  the CBN has raised to N200 billion.

Regional Commercial Banks 

Regional commercial bank licence allows the bank to operate in a minimum of 6 states and a maximum of 12 states with a paid-up capital of ₦10 billion, now N50 billion.

Top 10 Bank Commercial Banks in Nigeria, Their Current Share Capital, and Shares to Raise to Meet Up N500 Billion Share Capital 

1. Access Bank

Share Capital: N251.812bn

CBN Target: N500bn

Minimum Capital to Raise: N248.188bn

2. EcoBank 

Current Share Capital: N353.513bn

CBN Target: N500bn

Minimum Capital to Raise: 146.487bn

3. First Bank Holdings

Current Share Capital: N251.340bn

CBN Target: N500bn

Minimum Capital to Raise: N248.660


Current Share Capital: N125.294bn

CBN Target: N500bn

Minimum Capital to Raise: N374.706bn 

5. Fidelity

Current Share Capital: N115.305bn

CBN Target: N500

Minimum Capital to Raise: N384.695bn


Current Share Capital: N138.187

CBN Target: N500bn

Minimum Capital to Raise: N362.813bn

7. Stanbic IBTC

Current Share Capital: N109.259bn

CBN Target: N200bn

Minimum Capital to Raise: N90.741bn

Sterling Bank

Current Share Capital: N57.154bn

CBN Target: N200bn

Minimum Capital to Raise: N142.864bn


Current Share Capital: N115.815bn

CBN Target: N500bn

Minimum Capital to Raise: N384.185bn

Zenith Bank

Current Share Capital: N270.745bn

CBN Target: N500bn

Minimum Capital to Raise: N229.255bn

Ikechukwu Evegbu

Ikechukwu Evegbu is a graduate of Statistics with over 10 years experience as Data Analyst. Worked with Nigeria's Federal Ministry of Agriculture and Rural Development. A prolific business development content writer. He's the Editor, Business Compiler

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