The Nigerian banking industry has been praised for its strength, capacity and resilience, following its compliance with the March 31, 2026, recapitalisation deadline.
In March 2024, the Central Bank of Nigeria (CBN) gave financial institutions operating in the country March 2026 deadline to jack up their capital base from N25 billion.
Banks with international licence were asked to have at least N500 billion, while national lenders were told to raise the capital base to N200 billion, with regional banks pegged at N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.
The banking reform was to prepare operators for the $1 trillion economy target for 2030 by the federal government.
Data showed that almost all the Nigerian banks have shored up their capital ahead of the CBN recapitalisation deadline.
According to the CBN Governor, Mr Yemi Cardoso, 32 banks have already met the new capital requirements under the ongoing recapitalisation programme.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” he said.
One group that is over the moon over this development is the Association of Corporate Affairs Managers of Banks (ACAMB), which applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the regulator for its regulatory oversight.
The president of ACAMB, Mr Jide Sipe, said, “The Nigerian banking industry has once again demonstrated its innate strength and resilience.
“Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he said.
Mr Sipe also congratulated the CBN on its recent recognition as Central Bank of the Year 2026 by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
According to ACAMB, Mr Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage.
The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.