The Central Bank of Nigeria (CBN) has confirmed that 30 banks have met its new minimum capital requirements ahead of the March 31, 2026, deadline.
In a notice on Friday night, the banking sector regulator disclosed that the remaining lenders were undergoing its verification and should be concluded before the deadline.
In the statement signed by its acting Director for Corporate Communications, Mrs Hakama Sidi Ali, the apex bank stated that the companies, which have already met the deadline, raised additional funds through the approved means, including rights issues, private placements, and initial public offerings (IPOs).
In 2024, the CBN asked banks operating in the country to raise their capital base from N25 billion set in 2004 to about N500 billion or less, depending on their area of coverage.
For lenders with an international licence, they were to have at least N500 billion as a capital base, while banks with a national licence were to have N200 billion. Regional and national merchant banks were told to raise their capital base to N50 billion, while national non-interest banks should have at least N20 billion, and regional non-interest banks are expected to have N10 billion.
In the update yesterday, the central bank said it was satisfied with the compliance level, noting that it took this step “to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development
“The Central Bank of Nigeria (CBN) introduced a recapitalisation 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.
“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 banks have met the new minimum capital requirements applicable to their respective licence authorisations.
“In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.
“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 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 Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the statement read.