The Central Bank of Nigeria (CBN) has confirmed that a significant portion of the banking sector has complied with its recently introduced capital requirements ahead of the March 31, 2026 deadline. Twenty out of the 33 banks that raised additional capital have now met the minimum threshold set by the regulator, collectively mobilising N4.05 trillion.
The capital‑raising development was announced by CBN Governor Olayemi Cardoso at the conclusion of the Monetary Policy Committee (MPC) meeting in Abuja on February 24, 2026. The outcome demonstrates meaningful progress in the ongoing recapitalisation exercise, which aims to strengthen the financial resilience of Nigeria’s banking system.
Under the new capital framework introduced by the CBN, banks are required to hold minimum paid‑up capital based on their licence class. Commercial banks with international authorisation must achieve a N500 billion capital base, while national and regional banks must reach N200 billion and N50 billion respectively. Other categories, including merchant banks and non‑interest banks, also must meet specific benchmarks.
Of the banks that have raised additional capital, 20 have met the new regulatory threshold, reaffirming steady progress toward a more robust capitalised financial system. These compliant institutions collectively generated N4.05 trillion in fresh capital as of the verification date. Of this total, N2.90 trillion, roughly 71.6%, was sourced domestically, with the remaining N1.15 trillion or 28.33% coming from foreign participation.
The CBN governor noted that the mix of domestic and foreign capital illustrates broad investor confidence in Nigeria’s banking industry. He underscored that a stronger capital base will enhance system resilience, improve banks’ capacity to absorb shocks, and support sustainable economic growth and price stability.
The MPC emphasised that “With regards to key financial soundness, the committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement, reaffirming steady progress towards a more robust and well‑capitalized financial system,” in testimony to the sector’s relative resilience. The committee also reiterated that “The MPC reiterated the strategic importance of the recapitalization exercise and urged the bank to ensure its successful completion.”
Despite these gains, 13 banks are still working to meet the requirement before the March deadline. Smaller and mid‑tier institutions, in particular, face tighter options and may need to consider mergers or strategic alliances to comply.
The recapitalisation exercise, launched in 2024, is among the most ambitious reforms undertaken by the CBN in recent years. Its intent is to ensure Nigerian banks are better capitalised to withstand macroeconomic pressures, provide deeper credit support to the economy, and position the sector competitively at a regional and global level.
In summary, while progress is solid, full sector‑wide compliance hinges on the remaining banks meeting the prescribed capital benchmarks in the weeks ahead. The success of this exercise is a key determinant of financial system stability and of banks’ ability to facilitate Nigeria’s broader economic objectives.
