The Central Bank of Nigeria has said 30 banks have now met the new minimum capital requirements introduced under its recapitalisation programme, signalling further progress in an exercise designed to strengthen the country’s banking system.
In a statement issued on Friday, the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, said 33 banks had raised fresh capital through rights issues, initial public offerings, and private placements since the programme began.
According to the apex bank, the recapitalisation exercise, first announced in March 2024, is aimed at improving the resilience and long-term capacity of financial institutions to support Nigeria’s economic growth.
“The Central Bank of Nigeria (CBN) introduced a capitalisation 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,” the statement read.
It added that banks across the industry had continued to strengthen their capital base in line with the revised rules.
“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. In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.”
The CBN said the remaining banks are still undergoing routine regulatory verification before final confirmation of compliance within the recapitalisation window.
“The CBN reiterates that the Nigerian banking system remains stable and sound. 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 apex bank said.
“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 latest update marks an improvement from the position disclosed by CBN Governor Olayemi Cardoso on February 24, when he said 20 banks had fully met the new capital thresholds. At the time, he said total verified and approved capital raised stood at N4.05 trillion as of February 19.
The CBN had, on March 28, 2024, announced a new minimum capital regime for banks and gave lenders until March 31, 2026, to comply. The recapitalisation programme is being closely watched by investors and financial sector operators, with analysts expecting stronger capital buffers to improve banks’ ability to absorb shocks, fund larger transactions, and support lending to businesses and households.
