Business
30 banks meet CBN’s recapitalisation requirement
The Central Bank of Nigeria (CBN) has clarified the status of some banks in Nigeria.
Earlier in the year, there was fear that some banks might be liquidated.
A relief came on Friday when the Central Bank of Nigeria declared that 30 banks had already met the new minimum capital requirements introduced under its ongoing banking sector recapitalisation programme.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
The apex bank said the exercise was moving forward as planned and remains on course to strengthen Nigeria’s banking system.
In a statement issued on Friday by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, the bank said the latest figures show further progress compared to the update given last month.
According to the CBN, “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.”
The new figure shows an improvement from the position announced earlier by the CBN Governor, Mr Olayemi Cardoso. On February 24, Cardoso had told the public that 20 banks had already met the recapitalisation requirements set by the regulator.
The CBN explained that many banks across the country have been raising fresh funds to strengthen their capital base as part of the exercise.
Mrs Sidi Ali said a total of 33 banks have so far raised new capital through different funding methods in order to meet the regulatory requirements. “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,” she said.
Rights issues allow existing shareholders to buy additional shares in their banks, while initial public offerings involve selling shares to the public for the first time. Private placements involve raising funds from selected investors.
According to the CBN, the capital positions of the remaining banks are still being reviewed as part of the regulator’s standard verification process.
Sidi Ali said, “The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.”
The recapitalisation programme was introduced by the CBN in 2024 as part of broader efforts to strengthen Nigeria’s banking sector and ensure that banks have enough financial strength to support the country’s economic growth.
Under the programme, banks are required to raise additional capital depending on the type of licence they hold. The policy is designed to make banks stronger, more stable, and better positioned to finance businesses, households, and large projects in the economy.
Since the announcement of the policy, many banks have approached the capital market to raise fresh funds from investors, while others have relied on existing shareholders or institutional investors to increase their capital base.
The CBN said the exercise is already improving the financial strength of banks and will further enhance the ability of the sector to support economic activities across the country.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
According to the statement, “The Central Bank of Nigeria 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 regulator also said it will continue to closely monitor banks to ensure that they fully meet the required standards.
Mrs Sidi Ali said the CBN would maintain close supervision of financial institutions throughout the recapitalisation process.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” she said.
The recapitalisation exercise is seen by financial experts as an important step in preparing Nigerian banks for a larger and more competitive economy, especially as the country seeks to attract more investment and expand business opportunities in the years ahead.