Full List of All 28 Commercial Banks in Nigeria, as 2 Face Shutdown Over CBN Rules

Full List of All 28 Commercial Banks in Nigeria, 2 Set To Shut Down

GoldenNewsNg reports that the number of commercial banks operating in Nigeria has dropped following the completion of the merger between Titan Trust Bank and Union Bank.

With the Central Bank of Nigeria’s (CBN) recapitalisation deadline fast approaching, industry analysts say more consolidations are inevitable. Already, there are strong indications that Providus Bank may take over Unity Bank in a fresh round of mergers.

CBN’s Recapitalisation Rules Force Consolidation

The CBN, which has the statutory authority to license and withdraw approvals for banks, has made it clear that lenders unable to meet its new capital requirements risk losing their licences.

Under the new framework:

• International commercial banks must raise capital to at least ₦500 billion

• National commercial banks must meet ₦200 billion

• Regional commercial banks are required to hold ₦50 billion

• Merchant banks: ₦50 billion

• Non-interest (Islamic) banks – national: ₦20 billion

• Non-interest (Islamic) banks – regional: ₦10 billion

The recapitalisation exercise is aimed at creating stronger, shock-resistant financial institutions capable of supporting Nigeria’s push toward a $1 trillion economy by 2030.

From 28 Banks, Numbers Already Dropping

At the start of 2025, Nigeria had 28 commercial banks. However, the consolidation trend is already reducing that number.

Titan Trust Bank has ceased to exist after its full integration into Union Bank, one of Nigeria’s oldest financial institutions. If the expected Providus–Unity deal materialises, the total number of licensed banks will shrink even further.

CBN has outlined that banks can meet the new requirements by raising fresh equity, merging with stronger institutions, or applying for changes in their licence categories.

Union Bank Retains Identity After Merger

Following CBN’s approval, Titan Trust Bank has officially rebranded its operations under Union Bank’s 108-year-old brand name. Union Bank has also updated its official social media handles to reflect the merger, marking the end of Titan Trust as a standalone entity.

Industry watchers believe more banks will be forced into similar consolidations as the March 31, 2026, recapitalisation deadline approaches.

Here are the current 28 listed commercial banks in Nigeria

1. Access Bank Plc
2. Alpha Morgan Bank Limited
3. Citibank Nigeria Limited
4. Ecobank Nigeria Plc
5. Fidelity Bank Plc
6. First Bank of Nigeria Limited
7. First City Monument Bank Plc
8. Globus Bank Limited
9. Guaranty Trust Bank Plc
10. Keystone Bank Limited
11. Nova Commercial Bank Limited
12. Optimus Bank
13. Parallex Bank Ltd
14. Polaris Bank Plc
15. Premium Trust Bank
16. Providus Bank (set to take over Unity Bank)
17. Signature Bank Limited
18. Stanbic IBTC Bank Plc
19. Standard Chartered Bank Nigeria Ltd
20. Sterling Bank Plc
21. SunTrust Bank Nigeria Limited
22. Tatum Bank Limited
23. Titan Trust Bank Ltd (ceased to exist)
24. Union Bank of Nigeria Plc (merged with Titan Trust Bank)
25. United Bank for Africa Plc
26. Unity Bank Plc (set to be absorbed by Providus Bank)
27. Wema Bank Plc
28. Zenith Bank Plc