The Central Bank of Nigeria has mandated a recapitalisation deadline for banks, requiring them to meet new minimum capital thresholds by March 31, 2026. As of February 19, 2026, a total of N4.05 trillion has been verified and approved as capital raised, with 71.6% of this amount, or N2.90 trillion, mobilised domestically.
In addition, 28.33% of the capital raised, amounting to $706.84 million (N1.15 trillion), has come from foreign sources. The new minimum capital requirement for international commercial banks is set at N500 billion, while national banks must meet a minimum of N200 billion.
Currently, 34 banks have successfully met the new capital requirements ahead of the deadline. Notably, the merger between Providus Bank and Unity Bank has enabled them to exceed the N200 billion requirement, showcasing a proactive approach to compliance.
However, three banks are under regulatory intervention and are being treated as special cases in the recapitalisation process. The recapitalisation exercise itself was introduced in March 2024, reflecting the Central Bank’s commitment to strengthening the banking sector.
Olayemi Cardoso, a representative of the Central Bank, stated, “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank.” This assurance aims to maintain public confidence in the banking system during this transitional phase.
As the deadline approaches, the Central Bank is expected to issue a final status report next week, which will provide further clarity on the recapitalisation process. The ongoing final regulatory and legal formalities for some banks may affect the overall timeline.
Ayokunle Olubunmi remarked, “I think the recapitalisation exercise has been a success thus far,” indicating a positive outlook on the progress made. Yet, uncertainties remain regarding the final capital position of the three banks under regulatory intervention, as it depends on ongoing supervisory actions and possible support arrangements.
Details remain unconfirmed regarding the exact timeline for the completion of the recapitalisation process for these banks. The Central Bank’s active engagement with stakeholders aims to ensure an orderly and credible outcome while maintaining financial stability in Nigeria’s banking sector.