Abuja: As the March 31 deadline for the bank recapitalisation exercise of the Central Bank of Nigeria (CBN) draws near, the apex bank says 30 banks have met the new capital requirements. CBN Acting Director, Corporate Communications Development, Mrs Hakama Sidi-Ali, stated this in a release in Abuja.
According to News Agency of Nigeria, Sidi-Ali mentioned that as of March 6, the banks have satisfied 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,” she said. 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 the stability and soundness of the Nigerian banking system, assuring that the recapitalisation programme is on track and will enhance the banking sector’s capacity to support households, businesses, and sustainable economic growth.
Mrs Sidi-Ali added that the CBN will maintain close supervisory engagement with regulated institutions to ensure complete compliance with prudential and capital requirements. Meanwhile, the Governor of CBN, Mr Olayemi Cardoso, had earlier outlined that the banking sector recapitalisation programme was advancing according to the approved regulatory timetable.
Speaking at the conclusion of the 304th Monetary Policy Committee (MPC) media briefing on February 24, Cardoso highlighted that 20 banks had fully met the new minimum capital requirements. He noted that an additional 13 banks were in advanced stages of their capital-raising processes and were expected to conclude within the set timeframe. Institutions still finalising their plans were evaluating various strategic options, including consolidation, to meet compliance within the remaining timeframe.
Cardoso also reported that, as of February 19, the total verified and approved capital raised under the programme was N4.05 trillion. He provided a breakdown indicating that N2.90 trillion (71.67 per cent) was mobilised domestically, while 706.84 million dollars, estimated at N1.15 trillion (28.33 per cent), reflected foreign participation. According to the CBN governor, this balanced mix indicates broad investor engagement and increasing confidence in the sector.
He also addressed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks. The CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. Cardoso reassured stakeholders that depositor funds in those institutions remained secure and that operations continued under strict regulatory oversight. He expressed optimism that the market would achieve substantial alignment with the new capital requirements by the cut-off date.
The News Agency of Nigeria reports that the CBN introduced a recapitalisation programme for the banking sector in 2024. This initiative aims 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 bolster their capital base in line with the revised regulatory requirements. Under the CBN framework, minimum capital thresholds include: N500 billion for commercial banks with international authorisation, N200 billion for national authorisation, N50 billion for regional commercial banks, and N50 billion for merchant banks.