CBN SAYS 30 BANKS HAVE MET MINIMUM CAPITAL REQUIREMENTS

“Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.

“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.”

CBN said the capital positions of the remaining banks are currently undergoing the regulator’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.

“The CBN reiterates that 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 apex bank said.

The Central Bank of Nigeria will keep closely watching banks and other regulated companies to make sure they follow all the rules about safety and having enough money.

On February 24, Olayemi Cardoso, the governor of the CBN, said that 20 banks have met the minimum amount of money they need to have, as set by the bank.

Cardoso also said that as of February 19, the total amount of money that has been checked and approved for raising capital is N4 trillion.

On March 28, 2024, the apex bank announced that banks need to have more money in their accounts. The bank gave them until March 31, 2026, to reach this new level.