Thirty banks have already met Nigeria’s new minimum capital requirements ahead of the March 31, 2026 deadline, the Central Bank of Nigeria (CBN) said.
The apex bank announced in a statement issued on Friday by its Acting Director of Corporate Communications, Hakama Sidi Ali.
The apex bank said lenders across the industry have been actively strengthening their capital bases since the policy was introduced, signalling significant progress in the banking recapitalisation exercise.
The CBN had announced on March 28, 2024, an increase in the minimum capital requirements for banks and set March 31, 2026, as the deadline for compliance.
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The policy was designed to reinforce the resilience, stability, and long-term capacity of Nigeria’s financial system while supporting economic growth.
“Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.
“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, initial public offerings (IPOs), and private placements as part of the programme,” CBN said.
According to the regulator, the capital positions of the remaining banks are undergoing routine verification ahead of final confirmation of compliance within the recapitalisation timeline.
The central bank reiterated that Nigeria’s banking system remains stable and sound, adding that the ongoing recapitalisation would further strengthen the sector’s ability to support households and businesses.
“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 apex bank said.
The CBN added that it will continue close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
CBN Governor Olayemi Cardoso had earlier disclosed that as of February 19, the total verified and approved capital raised under the programme stood at N4 trillion.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
