The Central Bank of Nigeria (CBN) has announced significant progress in its banking sector recapitalisation programme, with 30 banks now meeting the new minimum capital requirements as of March 6, 2026—just weeks before the March 31 deadline.
In a statement issued in Abuja on Friday by Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank confirmed that all 33 banks involved have raised additional capital through rights issues, initial public offerings (IPOs), and private placements.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the statement read.
The capital positions of the remaining three banks are undergoing routine verification by the CBN ahead of final compliance confirmation within the timeline.
The CBN emphasized that Nigeria's banking system remains stable and sound, and the programme is on track to enhance the sector's ability to support households, businesses, and sustainable economic growth.
The apex bank pledged continued close supervisory engagement with institutions to ensure full adherence to prudential and capital standards.
This update marks a sharp increase from late February, when CBN Governor Olayemi Cardoso reported at the 304th Monetary Policy Committee briefing that 20 banks had fully met the requirements, with 13 others at advanced stages of capital raising. At that time (as of February 19), verified capital raised totaled N4.05 trillion—N2.90 trillion (71.67%) from domestic sources and $706.84 million (equivalent to about N1.15 trillion, or 28.33%) from foreign investors—reflecting strong and diverse investor confidence.
Cardoso noted that banks still finalising plans were exploring options like consolidation where appropriate, and reassured that depositor funds in any intervened institutions remain secure under strict oversight.
Launched in 2024, the recapitalisation aims to bolster the resilience, stability, and long-term capacity of Nigeria’s financial system to drive economic development.
The new minimum capital thresholds are:
- N500 billion for commercial banks with international authorisation
- N200 billion for national authorisation
- N50 billion for regional commercial banks
- N50 billion for merchant banks
- N20 billion for national non-interest banks
- N10 billion for regional non-interest banks
With the deadline approaching, the CBN's latest figures signal broad compliance and reinforce optimism for full sector alignment by March 31, 2026.
