The Central Bank of Nigeria (CBN) has officially concluded its two-year banking sector recapitalisation programme, with 33 banks raising a total of N4.65 trillion in fresh capital to meet new regulatory requirements.

The exercise, which began in March 2024, ended at the close of business on Tuesday, marking a significant milestone in efforts to strengthen Nigeria’s financial system. According to the apex bank, the recapitalisation saw strong investor participation, with 72.55 per cent of funds sourced locally and 27.45 per cent from international markets.

In a statement jointly signed by Olubukola Akinwunmi and Hakama Sidi Ali, the CBN said the programme has enhanced the resilience of banks and positioned them to better support economic growth.

CBN Governor Olayemi Cardoso noted that the exercise has improved capital adequacy across the sector, ensuring banks can better withstand both domestic and global financial shocks.

“All banks remain fully operational, ensuring continued access to banking services for customers,” the CBN stated, confirming a smooth transition into the post-recapitalisation phase without disruptions.

The apex bank added that Capital Adequacy Ratios (CAR) across the sector remain above international benchmarks, with minimum thresholds set at 10 per cent for regional and national banks and 15 per cent for internationally authorised banks.

However, a few institutions—including Union Bank of Nigeria, Polaris Bank, and Keystone Bank—remain under regulatory and judicial review, though the CBN assured that existing supervisory frameworks are addressing these cases.

The recapitalisation also improved asset quality and balance sheet transparency, while reinforcing stricter regulatory measures such as stress testing and risk-based capital frameworks.

Market reaction reflected investor confidence, with major banking stocks like Zenith Bank and Guaranty Trust Holding Company recording notable gains on the Nigerian Exchange.

Analysts say the successful completion of the programme now shifts attention to how banks will channel their strengthened capital into lending, investment, and broader economic development.

The CBN reiterated its commitment to maintaining a stable, transparent, and resilient financial system, adding that the next phase will focus on ensuring that stronger banks translate into real economic impact through increased credit to businesses and job creation.