Nigerian Banks Raise $770M Fresh Capital to Meet New Requirements
TLDR
- Nigeria's largest banks raise 1.26 trillion naira to meet new regulatory capital requirements, well ahead of 2026 deadline.
- Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc issue fresh capital, fully subscribed and oversubscribed.
- Guaranty Trust leads with a 23% stock increase, contributing to a 4.2% rise in Nigeria's NGX banking index this year.
Five of Nigeria’s largest banks have successfully raised 1.26 trillion naira ($770 million) to meet stringent new regulatory capital requirements, well ahead of the 2026 deadline.
The banks—Guaranty Trust Holdings Plc, Zenith Bank Plc, Access Holdings Plc, Fidelity Bank Plc, and FCMB Group Plc—issued fresh capital over the past two months and saw their offerings fully subscribed, even oversubscribed, according to the Securities and Exchange Commission (SEC).
The capital raise comes in response to a directive by the Central Bank of Nigeria requiring the nation’s 27 commercial banks to increase their regulatory capital by up to tenfold. Guaranty Trust, the largest by market capitalization, is leading the charge with its stock up 23%, helping drive a 4.2% rise in Nigeria’s NGX banking index this year.
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Key Takeaways
Nigeria’s largest banks have moved quickly to raise capital ahead of regulatory deadlines, signaling robust investor confidence. With the NGX banking index climbing and a growing base of young investors embracing the market, thanks in part to the launch of NGX Invest, a digital platform approved in July, which banks used to attract younger investors, the capital raise positions the banks well to meet future regulatory challenges while boosting investor participation in the country’s financial markets.
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