Some Nigerian banks could be up for grabs after failing to meet the regulator’s recapitalisation target which expired on March 31, 2026.
This casts a doubt about their future of the affected financial institutions.
The lenders are Providus Bank, Unity Bank, Union Bank, and Polaris Bank.
While the Central Bank of Nigeria (CBN) governor Olayemi Cardoso allays the fear of investors by saying that these lenders are stable, these banks are beset by malignant legal battles.
Union Bank is enmeshed in a legal quagmire over a leadership tussle. This power tussle has fanned the flames of uncertainty.
Earlier, a law court had squashed the dissolution of the board appointed by the CBN as it reinstated the Bank’s board.
But the Apex bank argued that the dissolution was in the interest of investors because there has to be transparency in the system that deserves good leadership.
Since the merger between Unity Bank and Providus Bank have not been consummated, these two lenders are also under the watch of the CBN.
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