By Bassey Udo
Thirty of the 33 banks undertaking various programmes aimed at raising their capital base have met the minimum requirement, the Central Bank of Nigeria (CBN) has said.
In an update presented on the latest status of the banking sector recapitalization programme scheduled to come to a close by the end of this month, the apex bank said its report that it was making steady progress.
At the recent Monetary Policy Committee (MPC) meeting in Abuja, the CBN governor, Olayemi Cardoso, announced that 20 banks had met the apex bank’s recapitalization requirements, with several others seriously considering various options, including partnership, in order to meet the March deadline for the exercise.
In the latest update, the CBN said that as of March 6, 2026, the recapitalisation exercise was making steady progress, with 30 banks already meeting the new minimum capital requirements applicable to their respective licence authorisations.
In total, the CBN 33 banks have raised additional capital either through rights issues, initial public offerings (IPOs), or private placements as part of the programme.
The capital positions of the remaining banks, the apex bank said, are currently undergoing its routine regulatory verification process ahead of final confirmation of compliance within
the recapitalisation timeline.
Reiterating that the Nigerian banking system remains stable and sound, the CBN said the banks recapitalisation programme remained firmly on track and would further strengthen the capacity of the banking sector to support households, businesses, and sustainable
economic growth.
Also, the CBN assured that it would continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
The CBN introduced the recapitalisation programme for the banking sector in 2024 as part of efforts 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 various steps to strengthen their capital bases in line with the revised regulatory requirements.
