The Central Bank of Nigeria (CBN) says 30 banks have now satisfied the minimum capital requirements introduced in March 2024.
In a statement issued on Friday, Hakama Sidi Ali, acting director of corporate communications at the CBN, said a total of 33 banks have raised additional funds through rights issues, initial public offerings (IPOs), and private placements as part of the ongoing recapitalisation exercise.
“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 apex bank said.
“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.
“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 apex bank said the capital positions of the remaining lenders are currently undergoing routine verification by the regulator before final confirmation of their compliance within the stipulated recapitalisation timeline.
“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.”
On February 24, Olayemi Cardoso, governor of the CBN, disclosed that 20 banks had fully complied with the apex bank’s minimum capital requirements.
Cardoso added that as of February 19, the total verified and approved capital raised stood at N4 trillion.
On March 28, 2024, the apex bank announced a review of the minimum capital requirements for banks and gave lenders until March 31, 2026, to comply with the directive.
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