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| CBN has merged Titan Bank with Union Bank,Providus Bank with Unity Bank |
The number of commercial banks in Nigeria has decreased following the merger of Titan Trust Bank with Union Bank. Industry experts anticipate that Providus Bank may soon acquire Unity Bank, which would further diminish the number of commercial banks in the country. The Central Bank of Nigeria , vested with the authority to grant and revoke licences, has cautioned that banks failing to comply with the new capital requirements may face licence revocation.
At the beginning of the year, Nigeria was home to 28 commercial banks; however, the exact number that will retain their licences by the capitalization deadline of March 31, 2026, remains uncertain.
Central Bank of Nigeria (CBN) Capital Requirements:
In its official communication, the CBN outlined several strategies for banks to meet the minimum capital requirements:
- Infusion of fresh equity capital through private placements, rights issues, and/or public offerings.
- Engagement in mergers and acquisitions (M&As).
- Application for an upgrade or downgrade of licence authorisation.
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Below is a detailed breakdown of each requirement for various categories of banks:
- Internationally-authorised commercial banks: N500 billion National-authorised commercial banks: N200 billion
- Regionally-authorised commercial banks: N50 billion
- Merchant banks: N50 billion
- Non-interest (Islamic) banks – national: N20 billion
- Non-interest banks – regional: N10 billion
In elucidating the new capital requirement, the Central Bank of Nigeria (CBN) stated that the initiative seeks to fortify Nigerian banks against potential economic disruptions, bolster financial stability, and ensure that these institutions possess a solid capital foundation to absorb losses while fostering economic growth.
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The CBN further emphasized, "The objective is to establish stronger, more resilient banks that are capable of financing higher levels of credit, which is crucial for realizing a $1 trillion economy by the year 2030."
28 list of Commercial Banks Operational in Nigeria:
- 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
- Globus Bank Limited
- Guaranty Trust Bank Plc
- Keystone Bank Limited
- Nova Commercial Bank Limited
- Optimus Bank
- Parallex Bank Ltd
- Polaris Bank Plc
- Premium Trust Bank
- Providus Bank (set to take over 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 (ceased to exist)
- Union Bank of Nigeria Plc (merged with Titan Trust Bank)
- United Bank for Africa Plc
- Unity Bank Plc (set to be absorbed by Providus Bank)
- Wema Bank Plc
- Zenith Bank Plc
Titan Bank Shuts Down, Updates Social Media Accounts to New Name
Earlier, Mfoncelebrity Press reported that ,Titan Trust Bank Limited has officially updated its social media handles to Union Bank of Nigeria, thus formally concluding its existence as a separate entity. This decision was finalized following the Central Bank of Nigeria's approval of the much-anticipated merger.
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