The latest round of Central Bank of Nigeria’s (CBN) recapitalisation drive was initiated in 2024. It is all but complete now, with more than 80 per cent of the banks meeting the new thresholds of N500 billion for international licences, N200 billion for national licences, and N50 billion for regional licences. Collectively, the banks have raised fresh equity estimated at over N4 trillion. Sold as the foundation of a N1 trillion economy, the bolstered balance sheets alone will not deliver the next phase of Nigeria’s economy; lenders in Africa’s leading economy must remodel or risk echoing the 2005 consolidation tales filled with bigger banks, fundamental frailties and eventual bailouts.