Fourteen Nigerian banks have successfully met the Central Bank of Nigeria’s (CBN) new capital requirement, Governor Olayemi Cardoso confirmed on Tuesday.
Speaking at a press briefing in Abuja after the Monetary Policy Committee (MPC) meeting, Cardoso hailed the progress of the ongoing recapitalisation exercise, describing the sector as “resilient” and in line with financial stability benchmarks.
“The MPC noted the continued strength of the banking system, with most indicators within projected benchmarks. Members also acknowledged the significant progress in recapitalisation, as 14 banks have fully met the new requirement,” Cardoso said.
He added that the CBN had terminated forbearance measures and waivers on civil obligors, moves aimed at boosting transparency, tightening risk management, and safeguarding long-term stability. According to Cardoso, the transition “poses no risk” to the system’s soundness.
The recapitalisation directive, announced on March 28, 2024, requires banks with international licences to increase minimum capital to ₦500 billion. Since then, major players have launched aggressive fundraising efforts.
Zenith Bank, for instance, raised ₦350.46 billion through a rights issue and public offer, while Guaranty Trust Holding Company Plc (GTCO) completed a major offering on the London Stock Exchange in July.
In July, only eight banks had achieved compliance. With 14 now meeting the target, analysts say momentum is building though the sector still faces a race to ensure all institutions hit the new threshold.
