30 banks have met the new minimum capital thresholds introduced under the ongoing banking sector recapitalisation programme, reflecting steady progress in the reform designed to strengthen the financial system and expand lenders’ capacity to support economic growth.
The update was disclosed by the Central Bank of Nigeria (CBN) in a statement issued recently by Hakama Sidi-Ali, the acting director of corporate communications,.
According to the regulator, the recapitalisation exercise, which began in 2024, is advancing across the industry as financial institutions strengthen their balance sheets through a range of fundraising strategies.
“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,” the CBN said.
In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs) and private placements as part of the programme.
The latest update marks a further improvement in compliance levels within the sector. Earlier in February, the apex bank confirmed that 20 lenders had met the new thresholds ahead of the March 31 deadline, raising a combined N4.05 trillion from the capital market and other funding channels.
Speaking after the 304th meeting of the Monetary Policy Committee, Olayemi Cardoso, the CBN governor, said the recapitalisation programme had attracted strong participation from financial institutions seeking to strengthen their capital buffers.
The regulator noted that banks have approached the capital market and other funding sources to meet the revised capital requirements tied to their respective licence categories.
While a large share of the industry has already met the new thresholds, the CBN said the capital positions of remaining lenders are currently undergoing routine supervisory verification before their compliance is formally confirmed.
“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 said.
According to the CBN, the verification process forms part of its supervisory mandate to ensure that funds raised by banks meet prudential standards and regulatory requirements.
The recapitalisation programme was introduced in 2024 as part of broader reforms aimed at strengthening the resilience of the banking sector and positioning lenders to support a larger economy.
Under the framework, banks are required to raise fresh capital to meet revised minimum thresholds based on the category of banking licence they hold.
Despite the structural adjustments taking place across the sector, the CBN maintains that the financial system remains stable.
“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 households, businesses and sustainable economic growth,” the statement added.
The apex bank also reaffirmed its commitment to maintaining close regulatory oversight throughout the recapitalisation process as lenders complete the final phase of compliance ahead of the regulatory deadline
