LAGOS, Nigeria — The Central Bank of Nigeria (CBN) has confirmed that 30 commercial banks have successfully met the new minimum capital requirements set under its ongoing banking sector recapitalisation initiative.
The apex bank, in a statement released on Friday, indicated that the programme is progressing as planned, with several financial institutions achieving the capital thresholds applicable to their respective operating licences.
Brandspur Banking News Desk reports that the recapitalisation exercise, introduced in March 2024, aims to strengthen the Nigerian banking sector, enhance financial system resilience, and position lenders to support economic growth effectively. Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali, said the achievement reflects a robust response from banks to the regulator’s directive.
According to the regulator, as of 6 March 2026, thirty banks have met the revised minimum capital requirements. Additionally, 33 banks have successfully raised extra capital through mechanisms such as rights issues, public offers, and private placements. Three other banks are still undergoing verification to confirm compliance, as part of routine supervisory procedures.
The recapitalisation framework specifies different capital thresholds based on the scope of operations: international banking licence holders must maintain a minimum capital base of ₦500 billion, national banks are required to hold ₦200 billion, and regional banks must maintain ₦50 billion. The policy is expected to enable Nigerian banks to finance large infrastructure projects, support private sector growth, and compete more effectively in the global financial landscape.
Capital market activity has surged in response to the recapitalisation effort, with banks raising substantial funds from both institutional and retail investors. Notably, FCMB Group Plc’s recent public offer generated approximately ₦231.8 billion, significantly contributing to the sector’s capital strengthening.
Industry analysts note that the recapitalisation could trigger further consolidation among smaller banks unable to meet the new thresholds independently. Past reforms have historically led to mergers and acquisitions, reshaping Nigeria’s banking industry. Observers believe that the strengthened institutions will be better equipped to withstand economic shocks and drive sustainable national development.
The CBN emphasised that the March 31, 2026 deadline for all banks to meet the capital requirements remains, urging financial institutions to finalise capital raising efforts and complete verification processes promptly. With 30 banks already compliant, the regulator maintains that the recapitalisation programme is on track to deliver a more resilient and globally competitive banking sector.
