No fewer than 30 banks have met the new minimum capital requirements introduced under the banking sector recapitalisation programme of the Central Bank of Nigeria.
The apex bank disclosed this in a statement on Friday, noting that the recapitalisation exercise, which began in 2024, is progressing steadily across the industry.
According to the Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, several financial institutions have strengthened their capital base through various fundraising channels, including rights issues, initial public offerings and private placements.
She stated that as of March 6, 2026, 30 banks had successfully met the minimum capital requirements tied to their respective operating licences.
The statement added that a total of 33 banks had raised additional funds through the capital market and other funding platforms as part of the recapitalisation programme.
“The recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, thirty-three banks have raised additional capital through rights issues, initial public offerings and private placements as part of the programme,” the statement said.
The CBN explained that the capital positions of the remaining banks are currently undergoing routine verification before final confirmation of compliance within the stipulated timeline for the exercise.
According to the regulator, the verification process is part of its supervisory responsibility to ensure that the funds raised by banks meet regulatory and prudential standards.
“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 broader reforms aimed at strengthening the resilience, stability and long-term capacity of Nigeria’s banking sector to support economic growth.
Under the policy, banks were required to raise fresh capital to meet revised minimum thresholds based on the category of their operating licences.
Since the announcement of the programme, many lenders have approached the capital market to raise funds through public offers, rights issues and private placements, while others embarked on corporate restructuring and strategic capital raising initiatives to meet the regulatory benchmark.
The apex bank, however, maintained that the Nigerian banking system remains stable despite the ongoing capital adjustments by financial institutions.
“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 CBN stated.
The regulator also assured stakeholders that it would continue to maintain close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.
Earlier, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that banks had raised N4.05tn in verified and approved capital ahead of the March 31, 2026 deadline set for the recapitalisation exercise.
According to him, as of February 19, 2026, the total verified capital raised stood at N4.05tn, nearly double the N2.4tn reported in April 2025.
Cardoso explained that N2.90tn, representing about 71.67 per cent, was mobilised locally, while N1.15tn, or 28.33 per cent, came from foreign investors.
He noted that the mix of domestic and foreign participation reflects growing investor confidence in Nigeria’s banking sector and the ongoing reform of the financial system.
