The Central Bank of Nigeria (CBN) has said 30 banks have successfully met the new minimum capital requirements introduced under its banking sector recapitalisation programme.
In a statement issued on Friday, Hakama Sidi Ali, acting director of corporate communications at the apex bank, said lenders across the industry have continued to strengthen their capital bases in response to the policy introduced in 2024.
According to the regulator, 33 banks have already raised additional funds through rights issues, initial public offerings (IPOs), and private placements as part of the recapitalisation process.
“The Central Bank of Nigeria 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 statement said.
The CBN added that progress under the programme has been steady since the policy was introduced.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the apex bank stated.
It also noted that the capital positions of the remaining banks are currently undergoing routine regulatory verification before final confirmation of compliance.
Despite the ongoing process, the CBN maintained that Nigeria’s banking sector remains stable and well-capitalised.
“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 statement added.
The apex bank said it will continue close supervisory engagement with financial institutions to ensure full compliance with prudential and capital regulations.
Earlier, on February 24, CBN Governor Olayemi Cardoso disclosed that 20 banks had already fully met the new minimum capital requirements.
Cardoso also revealed that as of February 19, the total verified and approved capital raised by banks stood at about N4 trillion.
The CBN had on March 28, 2024, announced a major increase in minimum capital thresholds for Nigerian banks as part of reforms aimed at strengthening the financial system.
Banks were given until March 31, 2026, to meet the revised requirements.
