Thirty banks have met the new minimum capital requirements introduced under the Central Bank of Nigeria’s banking sector recapitalisation programme, the apex bank disclosed on Friday.
The CBN said the recapitalisation exercise, launched in 2024 to strengthen the resilience and capacity of the financial system, had continued to record steady progress across the industry.
In a statement by the Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, on Friday, the central bank noted that several lenders had successfully strengthened their capital base through different fundraising channels, including rights issues, initial public offerings and private placements.
The statement read, “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, and private placements as part of the programme.”
The apex bank explained that the capital positions of the remaining banks were currently undergoing routine verification before final confirmation of compliance within the stipulated timeline for the recapitalisation exercise.
According to the regulator, the verification process forms part of its supervisory role aimed at ensuring that the capital raised by banks aligns with regulatory standards and prudential requirements.
“The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline,” the statement added.
The CBN introduced the recapitalisation programme in 2024 as part of efforts to strengthen the resilience, stability and long-term capacity of Nigeria’s banking system to support economic development.
Under the programme, banks were required to raise fresh capital to meet revised minimum thresholds based on the category of their operating licences.
The move also came amid broader financial sector reforms aimed at improving investor confidence and ensuring that financial institutions maintain adequate buffers to absorb potential risks.
Since the policy was announced, many banks have approached the capital market to raise fresh funds through public offers, rights issues and private placements.
Several lenders have also undertaken corporate restructuring and strategic capital raising exercises to meet the regulatory benchmarks within the deadline set by the apex bank.
The CBN, however, reiterated that the banking system remained stable and sound despite ongoing capital adjustments by financial institutions.
It stated, “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 further assured stakeholders that it would continue to maintain close supervisory engagement with regulated institutions throughout the process.
“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 statement added.
The CBN Governor, Olayemi Cardoso, earlier disclosed that banks raised N4.05tn in verified and approved capital ahead of the March 31, 2026, recapitalisation deadline set by the CBN.
He said, “As of February 19, 2026, total verified and approved capital raise stands at N4.05tn.”
The PUNCH observed that this figure was nearly double the N2.4tn reportedly raised as of April 2025. Cardoso said N2.90tn of the amount, representing 71.6 per cent, was mobilised domestically, while N1.15tn, equivalent to 28.33 per cent, came from foreign participation.
“In summary, 71.67 per cent is domestic mobilisation and 28.33 per cent is foreign participation. This balance, in my view, represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” Cardoso said.
