30 Banks Compliant with CBN Capital Requirements
“Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” stated Hakama Sidi Ali, a key official at the Central Bank of Nigeria (CBN), on March 6, 2026.
This announcement comes as part of a broader recapitalisation programme introduced in 2024, aimed at strengthening the resilience of Nigeria’s banking system. As of the latest update, three banks are still undergoing regulatory verification for compliance.
In total, 33 banks have raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements. This effort is seen as a critical step in ensuring that the banking sector remains robust and capable of withstanding economic fluctuations.
The deadline for banks to meet the new capital requirements is set for March 31, 2026. The CBN has emphasized the importance of this recapitalisation exercise, which is regarded as one of the most significant regulatory reforms in Nigeria’s banking sector since the 2004 consolidation exercise.
Hakama Sidi Ali further noted, “The recapitalisation exercise is progressing steadily,” indicating a positive outlook for the ongoing efforts within the banking sector.
Moreover, the CBN has reassured stakeholders that the Nigerian banking system remains stable and sound, despite the ongoing changes. The regulatory body plans to maintain close supervisory engagement with regulated institutions throughout the recapitalisation process.
As the March 31 deadline approaches, the focus will remain on ensuring that all banks meet the necessary requirements to foster a stable financial environment in Nigeria.