The Central Bank of Nigeria (CBN) said 20 banks have fully met the new minimum capital requirements, with just one month to the March 2026 recapitalisation deadline.
CBN Governor Olayemi Cardoso disclosed this on Tuesday during a briefing at the end of the two-day Monetary Policy Committee (MPC) meeting.
He said the committee acknowledged the resilience of the banking sector, noting that most key financial soundness indicators remain within regulatory thresholds.
“With regards to the ongoing recapitalisation program, the committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement,” Cardoso said.
According to him, the development reaffirms steady progress toward a more robust and well-capitalised financial system, stressing that the MPC reiterated the strategic importance of the recapitalisation exercise and urged the bank to ensure its successful completion.
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“This would reinforce financial system resilience and enhance the sector’s capacity to support sustainable economic growth, price and other domestic developments,” Cardoso added.
Pinnacle Daily reports that the apex bank, in March 2024, gave banks a 24-month window ending in March 2026 to strengthen their capital bases.
Under the directive, commercial banks with international licences are required to raise their minimum capital to ₦500 billion, national banks to ₦200 billion, and regional and merchant banks to ₦50 billion. Non-interest banks with national and regional authorisations must raise ₦20 billion and ₦10 billion, respectively.
With the deadline weeks away, Tier-1 banks account for the majority of institutions that have completed the exercise, reflecting stronger balance sheets and better access to capital markets.
However, several Tier-2 lenders remain under pressure, heightening concerns that some may be forced to downgrade their licence categories or pursue mergers and strategic alliances to survive.
As far back as September 2025, Pinnacle Daily had reported mounting strain on mid-tier banks as the deadline approached. At the time, Africa-focused research firm SB Morgen Intelligence warned that some lenders would need to significantly scale up operations or risk being absorbed through mergers.
Market uncertainty persists, particularly around banks under regulatory intervention and the proposed merger between Unity Bank and Providus Bank, which remains on course but yet to be concluded.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
