- Thirty banks in Nigeria met the Central Bank’s new minimum capital requirements, part of the ongoing 2024 banking sector recapitalisation programme
- Banks raised additional capital through rights issues, IPOs, and private placements, with total verified funds of N4.05tn mobilised by March 6, 2026
- The CBN confirmed that the programme strengthened the sector’s resilience and reassured stakeholders of continued stability and regulatory compliance
Thirty banks in Nigeria have met the new minimum capital requirements under the Central Bank of Nigeria’s (CBN) banking sector recapitalisation programme, the apex bank disclosed on Friday. The initiative, launched in 2024, aims to strengthen the resilience and capacity of the nation’s financial system.
According to a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali, several banks successfully bolstered their capital base through rights issues, initial public offerings (IPOs) and private placements. “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 statement read.
The apex bank noted that the capital positions of the remaining institutions are undergoing routine verification to confirm compliance within the timeline of the recapitalisation exercise. The process forms part of the CBN’s supervisory role, ensuring that the capital raised aligns with regulatory standards and prudential requirements.
The programme requires banks to raise fresh capital to meet revised minimum thresholds according to the category of their operating licences. It is part of broader financial sector reforms designed to enhance investor confidence and ensure banks maintain adequate buffers to absorb potential risks.
Since the programme was announced, many banks have tapped the capital market to raise fresh funds, undertaken corporate restructuring, and executed strategic capital raising exercises. Despite the adjustments, the CBN reassured stakeholders 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 statement added.
CBN Governor, Olayemi Cardoso, previously disclosed that banks had raised N4.05tn in verified and approved capital ahead of the March 31, 2026, deadline. Of this amount, N2.90tn (71.6 per cent) was mobilised domestically, while N1.15tn (28.33 per cent) came from foreign investors, indicating broad investor engagement and confidence in the sector.
The apex bank emphasised that it will maintain close supervisory engagement with all regulated institutions to ensure full compliance with prudential and capital requirements, signalling a continued commitment to the stability and growth of Nigeria’s financial system.