As Nigeria’s banking sector inches closer to completing its historic recapitalization exercise, three national banks – Union Bank, Polaris Bank, and Keystone Bank – remain stuck in limbo, their fates hanging precariously in the balance. Despite the Central Bank of Nigeria’s (CBN) efforts to shore up the sector, these institutions continue to grapple with unresolved issues, casting a shadow over their recapitalization prospects. Union Bank’s TGI group debacle, Polaris Bank’s uncertain recapitalization route, and Keystone Bank’s CBN receivership have left investors and stakeholders on edge, raising questions about the banks’ ability to meet the CBN’s revised minimum capital thresholds and ultimately, their long-term viability.
Polaris Bank Limited. Polaris Bank’s recapitalisation route and current capital structure remain under review, given its outstanding AMCON position and unresolved status. The compliance designation of N200 billion is a regulatory projection, not an arithmetically confirmed figure from publicly disclosed capital data. The current capital, as at the last available filing, is N50.40 billion. There is no new information to adjust the projection as of March 19, 2026. This is a CBN-regulated bank, and there is no verifiable information on its capitalisation status.
Unity Bank Plc. Unity Bank has been resilient and is currently pursuing the completion of its business combination with Providus Bank, but has been unable to seek approval from the CBN since Q4’25, owing to court cases it is saddled with post-approval from shareholders. This week, it obtained a favourable decision from the Court of Appeal, which, after reviewing the case, dismissed the application filed on the 9th of March 2026. The Court of Appeal also ordered that the lower Court proceed with hearing and the determination of the matter before it, and ordered an accelerated hearing. It re-emphasises that the said orders remain valid and binding. However, in the other court case, Justice Deinde Dipeolu of the Federal High Court, having heard all arguments, stated that the appeal by the interested parties to the Supreme Court for a stay of proceedings on the merger deserves acknowledgement, and the case on the Providus-Unity Bank merger has been adjourned till Tuesday, March 24th, 2026. The Judge stated that he did not want any form of confrontation with the apex court and would await the Supreme Court’s ruling. Resolution of the combination represents another time-sensitive remaining case in the national licence category.
Optimus Bank Limited. Optimus Bank has confirmed a N200 billion capital raise. The instrument breakdown has not been publicly disclosed as of March 19, 2026. Compliance status is confirmed per regulatory record. A note in the tracker flags that if the N200 billion figure represents an additional raise on top of the existing N35 billion base, the total capital would be N235 billion. Clarification of the basis of the N200 billion figure is recommended.
Citibank Nigeria Limited. Citibank Nigeria was recapitalised through a Citigroup parent injection, with subsidiary capital confirmed at N200 billion. This approach is consistent with Citigroup’s global policy of supporting regulated subsidiaries through parent capital transfers rather than public market transactions.
Keystone Bank Limited. Keystone Bank is under CBN receivership and AMCON supervision. Its recapitalisation route and capital position have not been publicly disclosed as of March 19, 2026. The bank carries a full N200 billion capital gap relative to the national licence threshold, making it the most structurally uncertain institution in the compliance tracker. A foreign group (Oman) is understood to have been identified as the preferred bidder, with another local firm (SIFAX) as a reserve bidder. There is no new information to adjust the projection as of March 19, 2026. This is a CBN-regulated bank, and there is no verifiable information on its capitalisation status.
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