30 Banks Meet New Capital Requirements
As of March 6, 2026, thirty banks in Nigeria have successfully met the new minimum capital requirements set forth by the Central Bank of Nigeria (CBN) as part of its recapitalisation programme initiated in 2024. This initiative aims to bolster the banking sector’s capacity to support economic growth, with a total of thirty-three banks raising additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements.
Progress of the Recapitalisation Exercise
The CBN has reported that the recapitalisation exercise is progressing steadily, with the total verified and approved capital raised by banks reaching approximately N4 trillion as of February 19, 2026. The CBN emphasized that the Nigerian banking system remains stable and sound, reinforcing confidence in the financial sector.
Minimum Capital Requirements
Under the new regulations, banks were required to meet revised capital thresholds by March 31, 2026. The minimum capital requirements are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional commercial banks. This marks a significant increase from the last major capital requirement adjustment in 2004, which was set at N25 billion.
The recapitalisation programme was first announced by the CBN on March 28, 2024, as part of a broader strategy to enhance the resilience, stability, and long-term capacity of Nigeria’s financial system. The CBN has reiterated its commitment to ensuring that no bank collapses in a manner that jeopardizes customers’ funds.
Verification of Remaining Banks
While thirty banks have met the new requirements, the capital positions of the remaining banks are currently undergoing verification by the CBN. This process is crucial to ascertain the overall health of the banking sector and ensure compliance with the new regulations.
Expectations Moving Forward
Observers expect that the successful implementation of the recapitalisation programme will further strengthen the banking sector’s ability to support households and businesses, contributing to sustainable economic growth in Nigeria. The CBN has stated, “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.”
As the deadline for compliance approaches, the focus remains on the remaining banks and their ability to meet the new capital requirements. Details remain unconfirmed regarding the outcomes of the verification process for these institutions.