The financial crisis in 2007–2008 shake the fiscal world with a wave of massive economic losses, which caused the biggest economic and financial disruption in the world’s financial system and lead to the banking sector recapitalization in many countries. Perennial banks failures attributed in severe losses, capital erosion and triggered a series of mergers and acquisitions, equity issues and government intervention in the Nigerian banking sector. This study is to evaluate the matrix analysis for the effect of merger and acquisition, equity issues and intervention on the performance of Nigerian banking sector. However, the nature and existence of this potential relationship were found to be mixed, which prompted this study to re-examine the relationship. This study employed the quantitative survey research design, stratified sampling method and Partial Least Squares (PLS) algorithm (bootstrap techniques) were used to test the hypotheses. Results obtained supported the hypothesis on the influence of mergers and acquisitions, equity issues, intervention on the banks' performance. The importance-performance map analysis was applied in this study to allow enriching the PLS-SEM analysis and thereby gain additional results and findings, although its application to banking is still at its embryonic state. In addition, the results from importance-performance map analysis indicate that the first priority by managers is to improve the performance aspects captured by equity issues, as this construct have the highest importance in the model, but relatively low performance. Finally, this study has succeeded in validating the aforementioned conceptualization as well as advancing significant theoretical and practical contributions to both researchers, regulatory authorities and managers for further understanding on the influence of recapitalization and banks performance. Further suggestions for future research directions are also offered.