The Central Bank of Nigeria (CBN) on Friday said 30 banks have met the minimum capital requirements announced in March 2024.
A statement signed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, said in total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.
The apex bank explained that the capital positions of the remaining banks are currently undergoing its routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.
“The Central Bank of Nigeria (CBN) introduced a 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.
“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.
“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,” the CBN said.
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The CBN reiterated 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 Central Bank of Nigeria said it will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
In March 2024, the CBN introduced a revised recapitalisation policy requiring Nigerian banks to raise their capital base within 24 months, with the compliance period running from 1 April 2024 to 31 March 2026.
Last month, the CBN announced that 20 of 33 Nigerian banks have met the new minimum capital requirements, raising N4.05 trillion ahead of the deadline.
