CBN Recapitalisation Deadline Looms: Three Nigerian Banks Yet to Meet Capital Requirement
- Three Nigerian banks have yet to meet new CBN capital requirements ahead of the March 2026 deadline
- Thirty banks have successfully strengthened their capital base, marking significant progress in the recapitalisation programme
- The recapitalisation aims to enhance financial stability and prepare banks for larger transactions in global markets
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has revealed that three Nigerian banks are yet to meet the new minimum capital requirements introduced as part of its banking sector recapitalisation programme.
The disclosure comes just weeks before the regulatory deadline of March 31, 2026, raising attention across the financial industry as institutions race to comply with the new capital thresholds.
Source: Getty Images
According to the apex bank, the majority of lenders have successfully strengthened their capital base, with only a small number still undergoing final verification of their financial positions.
30 banks are already compliant
CBN spokesperson Hakama Ali-Sidi confirmed in a statement released on Friday that 30 banks have already met the minimum capital requirements tied to their respective licences.
This marks significant progress in the recapitalisation exercise that began nearly two years ago.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective license authorisations,” the statement said.
The regulator also clarified that the remaining three banks are currently undergoing routine verification of their capital positions after participating in capital raising efforts.
These banks are among the 33 financial institutions that approached the capital market to raise fresh funds through rights issues and Initial Public Offerings (IPOs).
Rapid progress in two weeks
Recent figures from the regulator suggest that banks have made rapid progress in meeting the requirements within a short period.
During the 304th Monetary Policy Committee briefing, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed that only 20 banks had met the new capital requirements as of February 24, 2026.
However, by March 6, an additional ten banks had completed their capital raising processes, bringing the total number of compliant banks to 30.
The sharp increase reflects aggressive fundraising campaigns by banks across the country as they seek to strengthen their balance sheets and meet regulatory expectations.
Why the recapitalisation matters
The recapitalisation exercise is part of the CBN’s strategy to build stronger and more resilient banks capable of supporting Nigeria’s economic growth.
In March 2024, the apex bank introduced new capital thresholds for financial institutions and gave lenders two years to meet the requirements.
The move was designed to prepare Nigerian banks for larger transactions, improve financial stability, and position the sector to compete more effectively in global markets.
Industry analysts say the policy has already triggered significant activity in the capital market, with several banks launching large fundraising programmes to boost their capital base.
Countdown to the deadline
With the March 31, 2026, deadline approaching, attention is now focused on the remaining three banks yet to meet the requirements.
While the regulator has not disclosed the identities of the institutions still undergoing verification, the CBN maintains that the recapitalisation programme remains on track.
Source: Twitter
Market observers believe the final weeks of the exercise could see further announcements as banks conclude fundraising and verification processes.
If completed, the recapitalisation drive is expected to reshape Nigeria’s banking landscape and create stronger institutions capable of supporting large-scale economic development.
SunTrust Bank surpasses N50bn CBN recapitalisation target
Legit.ng earlier reported SunTrust Bank Nigeria Limited has successfully exceeded the N50 billion minimum capital requirement set by the Central Bank of Nigeria, just four weeks before the March 31 deadline.
Sources familiar with the development confirmed that the bank’s total paid-up capital now stands at approximately N51.1 billion, placing it comfortably above the regulatory benchmark.
The milestone positions the regional lender among the growing list of financial institutions that have met the recapitalisation threshold.
Source: Legit.ng
