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

Naijaonpoint Media 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.