The Central Bank of Nigeria has disclosed that 30 deposit money banks have met the new minimum capital requirements under its ongoing banking sector recapitalisation programme, ahead of the March 31, 2026 deadline.
The apex bank said the exercise, which began in 2024, was aimed at strengthening the resilience and long-term capacity of Nigeria’s financial system.
In a statement issued on Friday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN said the recapitalisation process had recorded steady progress across the banking industry.
According to the statement, several banks have successfully boosted their capital base through fundraising channels such as rights issues, initial public offerings and private placements.
The statement read in part, “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, thirty-three banks have raised additional capital through rights issues, initial public offerings and private placements as part of the programme.”
The CBN noted that the capital positions of the remaining banks were currently undergoing routine verification before final confirmation of compliance within the recapitalisation timeline.
It explained that the verification exercise was part of the regulator’s supervisory responsibility to ensure that funds raised by banks meet regulatory standards and prudential requirements.
“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 statement added.
The apex bank introduced the recapitalisation programme in 2024 as part of broader financial sector reforms designed to strengthen the stability of the banking system and enhance its capacity to support economic growth.
Under the framework, banks were required to raise fresh capital to meet new minimum thresholds based on the category of their operating licences.
The CBN stressed that the Nigerian banking system remained stable and sound, adding that the recapitalisation programme would further strengthen the ability of banks to support households, businesses and sustainable economic development.
“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 statement said.
The bank also assured stakeholders that it would sustain close supervisory engagement with regulated institutions throughout the process to ensure full compliance with prudential and capital requirements.
Earlier, the CBN Governor, Olayemi Cardoso, disclosed that banks had raised about N4.05tn in verified and approved capital ahead of the recapitalisation deadline.
He said, “As of February 19, 2026, total verified and approved capital raised stands at N4.05tn.”
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