Full List of Nigeria’s 28 Commercial Banks Before Industry Shake-Up Under CBN Reforms
By Joseph Iyaji | Akahi News
Nigeria’s financial sector is bracing for major changes as the Central Bank of Nigeria (CBN) intensifies its recapitalisation drive, a move set to reshape the banking industry and potentially reduce the number of licensed commercial banks.
As of September 2025, Nigeria had 28 commercial banks operating under valid CBN licences. However, recent mergers, acquisitions, and anticipated takeovers signal a wave of consolidation likely to transform the sector before the March 31, 2026 recapitalisation deadline.
Titan Trust–Union Bank Merger and the Expected Providus–Unity Bank Takeover
One of the biggest shake-ups so far has been the merger of Titan Trust Bank and Union Bank, a deal that effectively ended Titan Trust Bank’s independent operations. The move strengthens Union Bank’s position, bringing over a century of banking history under a single umbrella.
Industry insiders also project that Providus Bank will soon absorb Unity Bank, another merger that would further cut down the number of standalone commercial banks in the country.
CBN’s Tougher Capital Rules to Stabilise the Banking Sector
In a circular to all financial institutions, the CBN outlined steep new minimum capital thresholds to ensure Nigerian banks remain competitive and financially resilient.
The recapitalisation requirements include:
- ₦500 billion for international commercial banks
- ₦200 billion for national commercial banks
- ₦50 billion for regional commercial banks
- ₦50 billion for merchant banks
- ₦20 billion for national non-interest (Islamic) banks
- ₦10 billion for regional non-interest (Islamic) banks
The apex bank urged lenders to meet these targets through private placements, public offers, rights issues, mergers, or acquisitions, warning that institutions failing to comply risk losing their operating licences.
According to the CBN, the policy aims to create bigger, stronger banks capable of financing large-scale investments in line with the federal government’s $1 trillion economy ambition by 2030.
Full List of 28 Commercial Banks in Nigeria (Pre-Consolidation)
Below is the complete list of commercial banks licensed by the CBN as at September 2025 before the mergers take effect:
- Access Bank Plc
- Alpha Morgan Bank Limited
- Citibank Nigeria Limited
- Ecobank Nigeria Plc
- Fidelity Bank Plc
- First Bank of Nigeria Limited
- First City Monument Bank Plc (FCMB)
- Globus Bank Limited
- Guaranty Trust Bank Plc (GTBank)
- Keystone Bank Limited
- Nova Commercial Bank Limited
- Optimus Bank
- Parallex Bank Ltd
- Polaris Bank Plc
- Premium Trust Bank
- Providus Bank (expected to absorb Unity Bank)
- Signature Bank Limited
- Stanbic IBTC Bank Plc
- Standard Chartered Bank Nigeria Ltd
- Sterling Bank Plc
- SunTrust Bank Nigeria Limited
- Tatum Bank Limited
- Titan Trust Bank Ltd (merged with Union Bank)
- Union Bank of Nigeria Plc (merged with Titan Trust Bank)
- United Bank for Africa Plc (UBA)
- Unity Bank Plc (likely to merge with Providus Bank)
- Wema Bank Plc
- Zenith Bank Plc
Industry Outlook: Fewer but Stronger Banks Ahead
Financial analysts say the ongoing reforms will likely result in fewer but more robust banks with larger capital bases and better risk management capacity.
With the March 2026 recapitalisation deadline looming, several smaller institutions may pursue mergers, acquisitions, or strategic partnerships to survive the capital race.
Observers also note that the reforms could boost investor confidence, improve access to credit for businesses, and stabilise Nigeria’s financial system in the long run.
What to Expect Next
As the countdown continues, stakeholders expect more announcements on mergers and acquisitions in the coming months. The industry appears headed toward a leaner yet more resilient banking sector, with stronger institutions capable of withstanding economic and global shocks.
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