The Central Bank of Nigeria has confirmed that 30 banks have met the minimum capital requirements announced in March 2024, with a total of 33 banks raising additional capital through rights issues, initial public offerings (IPOs), and private placements.
In a statement on Friday, Hakama Sidi Ali said the recapitalisation programme is designed to strengthen the resilience, stability, and long-term capacity of the banking sector to support Nigeria’s economic growth.
“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 read.
“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, IPOs, and private placements as part of the programme.”
The apex bank noted that remaining banks are undergoing verification to ensure full compliance within the recapitalisation timeline and emphasised 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 CBN stated.
It also confirmed continued close supervisory engagement with regulated institutions to ensure full adherence to prudential and capital requirements.
Earlier, on February 24, Olayemi Cardoso reported that 20 banks had fully met the minimum capital requirements, with total verified and approved capital raised amounting to ₦4 trillion as of February 19.
The apex bank had set the deadline for compliance at March 31, 2026, following the increase in minimum capital requirements announced on March 28, 2024.
