CBN Discloses 30 Nigerian Banks Have Met New Capital Requirements Ahead of March 31 Deadline
- The Central Bank of Nigeria said 30 banks have met the minimum capital requirements introduced in 2024
- The remaining banks are undergoing regulatory verification before final confirmation of compliance
- All banks are expected to meet the new capital requirements before the March 31, 2026, deadline
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Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria (CBN) has disclosed that 30 commercial banks in the country have already met the new minimum capital requirements introduced as part of the ongoing banking sector recapitalisation programme.
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In a statement released on Friday, the apex bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, said several banks have taken steps to strengthen their capital base since the policy was introduced in 2024.
33 banks raised fresh capital — CBN
According to the CBN, a total of 33 banks have successfully raised fresh capital through different funding channels, including rights issues, initial public offerings (IPOs) and private placements.
The regulator explained that the recapitalisation initiative, which was introduced in 2024, was meant to strengthen the resilience and stability of Nigeria’s banking system while improving the sector’s capacity to support economic development.
The apex bank added that the exercise is progressing steadily across the industry.
“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 stated.
Other banks undergoing verification by CBN
It further explained that the capital positions of other banks are currently undergoing the regulator’s routine verification process ahead of final confirmation of compliance within the deadline.
The bank also reassured the public that the Nigerian banking sector remains stable and well-regulated despite the ongoing recapitalisation programme.
“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 statement read.
The regulator noted that it will continue to maintain close supervisory oversight of banks to ensure compliance with prudential and capital requirements.
Source: Getty Images
Banks raise N4 trillion in capital
Earlier, on February 24, the Governor of the CBN, Olayemi Cardoso, revealed that 20 banks had already met the minimum capital requirements set by the regulator.
Cardoso also disclosed that as of February 19, banks had raised about N4 trillion in verified and approved capital under the recapitalisation exercise.
The recapitalisation programme was announced on March 28, 2024, when the CBN raised the minimum capital threshold for banks operating in the country.
The apex bank has set March 31, 2026, as the deadline for all banks to comply with the new capital requirements.
Optimus Bank scales recapitalisation hurdle
Legit.ng earlier reported that Optimus Bank is the latest financial institution to meet the CBN’s capital requirements as it raised over N200 billion ahead of the March 31 deadline.
The fresh capital injection allows the lender to retain its national banking licence.
Rights issues and private placements helped the bank strengthen its balance sheet
Source: Legit.ng
