30 Banks Meet CBN Recapitalisation Deadline as Exercise Gains Momentum

As the March 31 deadline for the bank recapitalisation exercise set by the Central Bank of Nigeria (CBN) approaches, the apex bank has disclosed that 30 banks have already met the new capital requirements.

The Acting Director of Corporate Communications Development at the CBN, Mrs. Hakama Sidi-Ali, made this known in a statement issued on Friday in Abuja.
According to Sidi-Ali, as of March 6, the banks had satisfied the new minimum capital requirements applicable to their respective licence authorisations.
She noted that a total of 33 banks had raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the recapitalisation programme.
“The capital positions of the remaining banks are currently undergoing the CBN’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,” she said.
Sidi-Ali added that the apex bank would continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
Earlier, the Governor of the CBN, Mr. Olayemi Cardoso, had stated that the banking sector recapitalisation programme was progressing according to the approved regulatory timetable.
Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing on February 24, Cardoso revealed that 20 banks had fully met the new minimum capital requirements at that time.
He added that another 13 banks were at advanced stages of their capital-raising processes and were expected to conclude within the stipulated timeframe.
According to him, institutions still finalising their plans were evaluating several strategic options, including consolidation where appropriate, as part of efforts to meet compliance within the remaining period.
Cardoso further disclosed that as of February 19, the total verified and approved capital raised under the programme stood at N4.05 trillion.
He explained that N2.90 trillion, representing 71.67 per cent, was mobilised domestically, while 706.84 million dollars, estimated at N1.15 trillion or 28.33 per cent, came from foreign participation.
The CBN governor noted that this balanced mix reflected broad investor participation and growing confidence in the banking sector.
He also spoke on the status of institutions currently under regulatory intervention, stating that certain legal and structural considerations influenced the sequence of recapitalisation measures for such banks.
Cardoso said the CBN remained actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability.
He reassured stakeholders that depositors’ funds in those institutions remained safe and that their operations continued under strict regulatory supervision.
He expressed optimism that the market would record substantial alignment with the new capital requirements before the deadline.
The News Agency of Nigeria (NAN) reports that the CBN introduced the banking sector recapitalisation programme in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system in supporting Nigeria’s economic development.
Since the policy was introduced, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.
Under the CBN framework, the minimum capital thresholds are N500 billion for commercial banks with international authorisation, N200 billion for those with national authorisation, and N50 billion for regional commercial banks as well as merchant banks.
The framework also sets minimum capital requirements of N20 billion for national non-interest banks and N10 billion for regional non-interest banks.