The Central Bank of Nigeria (CBN) says 30 banks have met the minimum capital requirements announced in March 2024.
In a statement on Friday, by Hakama Sidi Ali, the acting director, corporate communications, CBN said 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.
“The Central Bank of Nigeria (CBN) introduced a capitalisation programme for the banking sector in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development,” the apex bank said.
“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 the capital positions of the remaining banks are currently undergoing the regulator’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.
“The CBN reiterates 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 apex bank said.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.”
On February 24, Olayemi Cardoso, governor of CBN said 20 banks have fully met the apex bank’s minimum capital requirements.
Cardoso said as of February 19, total verified and approved capital raise totalled N4 trillion.
On March 28, 2024, the apex bank announced an increase in the minimum capital requirements for banks.
CBN said the banks have till March 31, 2026, to meet the requirements.