The Central Bank of Nigeria (CBN), yesterday, disclosed that 30 banks have met the new minimum capital requirements applicable to their respective licence authorisations as of March 6, 2026.
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The CBN further stated that in total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the ongoing industry recapitalisation programme.
In a statement, CBN’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, said the capital positions of the remaining banks are currently undergoing the apex bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.
She noted that the CBN introduced the recapitalisation programme for the banking sector in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development.
Sidi Ali said 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, adding that the recapitalisation exercise was progressing steadily.
The CBN reiterated that the Nigerian banking system remained stable and sound.
The statement added that the “recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.”
The Olayemi Cardoso-led Central Bank of Nigeria (CBN) had, on March 28, 2024, announced a two-year bank recapitalisation exercise which commenced on April 1, 2024. The 24-month timeline for compliance ends on March 31, 2026.
The upward capital revision is expected to ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. It also means an increased liquidity position of banks, which will help broaden their loss-bearing capabilities.
Specifically, the recapitalisation exercise requires a minimum capital of N500 billion, N200 billion, and N50 billion for commercial banks with international, national and regional licences, respectively.
Before the new capital requirements were announced, many banks were operating with low capital levels despite the huge profits they were churning out, compared with their peers on the continent. For instance, commercial banks with international licences were only required to hold a minimum capital base of N25 billion.
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