The recapitalisation programme introduced by the Central Bank of Nigeria is advancing steadily, with 30 banks already meeting the new minimum capital thresholds ahead of the March 31 deadline set by the apex regulator.
This update was disclosed in a statement issued in Abuja by Hakama Sidi-Ali, Acting Director of Corporate Communications at the central bank.
According to her, as of March 6, the financial institutions had satisfied the revised capital requirements applicable to their various banking licences.
She added that 33 banks overall have successfully raised fresh capital through multiple funding channels, including rights issues, initial public offerings, and private placements.
However, the capital positions of a few remaining banks are still undergoing the CBN’s routine verification procedures before final confirmation of compliance with the recapitalisation programme.
Sidi-Ali noted that the regulator remains confident in the health of Nigeria’s banking system.
“The Nigerian banking sector remains stable and resilient. The recapitalisation programme is progressing as planned and will enhance the sector’s ability to support households, businesses and long-term economic growth,” she said.
She also emphasised that the central bank would continue engaging closely with financial institutions under its supervision to ensure full adherence to capital and prudential standards.
Earlier comments by Olayemi Cardoso, Governor of the Central Bank of Nigeria, also indicated steady progress in the recapitalisation exercise.
Speaking after the 304th meeting of the Monetary Policy Committee Cardoso revealed that 20 banks had already met the required capital level, while 13 others were close to completing their capital-raising processes.
He explained that some institutions still finalising their strategies were considering options such as mergers or consolidation as part of their plans to comply with the regulatory deadline.
Cardoso further disclosed that, as of February 19, banks participating in the programme had raised about ₦4.05 trillion in verified capital
He explained that ₦2.90 trillion representing roughly 71.67 percent was sourced from domestic investors.
Foreign investment accounted for 706.84 million dollars, equivalent to about ₦1.15 trillion, making up 28.33 percent of the total capital raised.
According to the governor, the combination of local and international funding demonstrates strong investor confidence in Nigeria’s banking industry.
Cardoso also addressed the status of financial institutions currently under regulatory intervention, noting that legal and structural factors determine the sequence of recapitalisation measures applied to such banks.
He said the central bank was working with relevant stakeholders to ensure that the recapitalisation process proceeds smoothly while maintaining financial system stability.
The CBN governor assured depositors that funds held in affected institutions remain secure and that the banks continue operating under strict regulatory supervision.
He expressed optimism that most banks would comply with the new capital requirements before the deadline.
Background to the Recapitalisation Policy
The Central Bank of Nigeria introduced the recapitalisation programme in 2024 as part of efforts to strengthen the resilience of the country’s financial system and enhance its ability to support economic development.
Under the framework, banks are required to meet new minimum capital levels depending on the type of licence they hold.
These include:
* ₦500 billion for commercial banks with international licences
* ₦200 billion for nationally authorised commercial banks
* ₦50 billion for regional commercial banks
* ₦50 billion for merchant banks
* ₦20 billion for national non-interest banks
*₦10 billion for regional non-interest banks
The policy is expected to strengthen financial stability and expand the banking sector’s capacity to finance businesses and economic growth.
