Thirty banks have met the new minimum capital requirements introduced under the banking sector recapitalization program of the Central Bank of Nigeria, signaling steady progress in efforts to strengthen the counattempt’s financial system.
The apex bank disclosed on Friday that the recapitalisation exercise, launched in 2024 to improve the resilience and capacity of financial institutions, has continued to gain traction across the banking indusattempt.
In a statement issued by the Acting Director of Corporate Communications at the central bank, Hakama Sidi-Ali, the regulator noted that several lconcludeers had successfully strengthened their capital base through various fundraising channels.
These include rights issues, initial public offerings and private placements, which banks have applyd to attract new investments and boost their capital positions.
According to the central bank, thirty banks have already met the revised capital thresholds tied to their respective licence categories.
The statement noted that a total of thirty-three banks have raised additional capital as part of the programme.
“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 statement stated.
The central bank added that the capital positions of the remaining banks are currently undergoing routine verification before final confirmation of compliance within the recapitalisation timeline.
According to the regulator, this verification process forms part of its supervisory responsibility to ensure that the 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 recapitalisation programme was introduced in 2024 as part of broader reforms aimed at strengthening the stability and long-term capacity of Nigeria’s banking sector to support economic growth.
Under the policy, banks were required to raise fresh capital to meet revised minimum thresholds based on the category of their operating licences.
The initiative also forms part of wider financial sector reforms designed to improve investor confidence and ensure that banks maintain adequate buffers to absorb potential risks in the financial system.
Since the announcement of the policy, many banks have turned to the capital market to raise funds through public offers, rights issues and private placements. Others have embarked on corporate restructuring and strategic capital raising initiatives to meet the regulatory requirements within the deadline set by the regulator.
The central bank reiterated that the counattempt’s banking system remains stable despite the ongoing capital adjustments.
“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 hoapplyholds, businesses, and sustainable economic growth,” the statement stated.
The governor of the Central Bank of Nigeria, Olayemi Cardoso, earlier disclosed that banks had raised N4.05tn in verified and approved capital ahead of the March 31, 2026 recapitalisation deadline.
He explained that as of February 19, 2026, the total verified capital raised had reached N4.05tn, nearly double the N2.4tn reportedly raised as of April 2025.
According to the governor, N2.90tn of the funds, representing about 71.6 per cent, was mobilised domestically, while N1.15tn, equivalent to 28.33 per cent, came from foreign participation.
“In summary, 71.67 per cent is domestic mobilisation and 28.33 per cent is foreign participation. This balance, in my view, represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” he stated.
The central bank added that it would continue close supervisory engagement with financial institutions to ensure full compliance with capital and prudential requirements throughout the recapitalisation process.
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