- Nigerian banks intensified efforts to meet the CBN’s recapitalisation deadline of 31 March 2026
- The sector mobilised over ₦4 trillion, with strong domestic and foreign investor participation
- Only a few banks remained pending due to mergers and regulatory intervention cases
Nigeria’s banking sector is entering a decisive phase as lenders make a final push to comply with the Central Bank of Nigeria’s (CBN) recapitalisation deadline set for 31 March 2026.
Industry findings indicate that most banks have either met or are on the verge of meeting the revised capital requirements, with only a handful still resolving outstanding regulatory and structural issues. The Central Bank of Nigeria is expected to issue a major update this week, likely by Tuesday or Wednesday, outlining the progress and final status of the exercise.
The recapitalisation programme, introduced in March 2024, mandates higher minimum capital thresholds, including up to ₦500 billion for international commercial banks, alongside lower requirements for other licence categories. The policy aims to strengthen the resilience of Nigeria’s financial system and position banks for future growth.
Speaking after the 304th Monetary Policy Committee meeting in Abuja, CBN Governor Olayemi Cardoso expressed optimism that the sector would meet the deadline. He noted that while most institutions had made substantial progress, a few were still finalising strategic options, including possible mergers.
Cardoso revealed that the banking industry had already mobilised ₦4.05 trillion under the recapitalisation drive as of 19 February 2026. Of this amount, ₦2.90 trillion (71.6 per cent) was raised domestically, while foreign investments accounted for approximately ₦1.15 trillion (28.3 per cent). According to him, the balance between local and international funding reflects strong investor confidence in Nigeria’s banking sector.
Despite the progress, a small number of banks remain in the final stages of compliance. Delays affecting the merger of two institutions have slowed completion, although officials suggest these issues could be resolved within days. A third bank is also expected to meet the required threshold before the deadline.
Additionally, three banks under regulatory intervention are being treated as special cases. The CBN clarified that such institutions are not required to follow the same recapitalisation timeline due to legal and structural complexities. Cardoso reassured depositors that funds in these banks remain secure under strict regulatory oversight.
Financial analysts have described the recapitalisation effort as largely successful. Agusto & Co noted that initial concerns about the scale of the capital gap have eased significantly, with domestic investors playing a leading role in bridging funding needs.
With the deadline imminent and compliance levels high, attention now turns to the CBN’s forthcoming announcement, which is expected to confirm the sector’s readiness and set the tone for the next phase of banking sector reforms in Nigeria.