Nigeria: 30 Banks Meet New Capital Threshold as Recapitalisation Programme Advances – CBN

Central Bank of Nigeria (CBN) has announced that 30 banks have met the revised minimum capital requirements introduced in March 2024 as part of efforts to strengthen the country’s banking sector.

In a statement issued on Friday, the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, said a total of 33 banks have successfully raised additional capital through rights issues, initial public offerings (IPOs), and private placements under the recapitalisation programme.

The apex bank explained that the initiative was launched in 2024 to enhance the resilience, stability, and long-term capacity of Nigeria’s financial system to support economic growth.

“Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements,” the CBN said.

According to the regulator, the recapitalisation exercise has made steady progress.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the statement said.

The CBN added that the capital positions of the remaining banks are currently undergoing routine verification before final confirmation of compliance within the stipulated timeline.

The regulator reaffirmed the stability of the country’s banking system, noting that the recapitalisation drive will further strengthen the sector’s ability to support households, businesses, and sustainable economic growth.

“The Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track,” the apex bank stated, adding that it will continue close supervisory engagement with financial institutions to ensure full compliance with prudential and capital regulations.

Earlier, on February 24, the CBN Governor, Olayemi Cardoso, disclosed that 20 banks had already fully met the minimum capital requirement.

Cardoso also revealed that as of February 19, banks had raised a total of about N4 trillion in verified and approved capital.

The capital raise follows the CBN’s March 28, 2024 announcement increasing the minimum capital thresholds for banks, with financial institutions given until March 31, 2026 to comply with the new requirements.