Nigeria says 30 lenders meet new minimum capital requirement

Nigeria says 30 lenders meet new minimum capital requirement

The Central Bank of Nigeria (CBN) announced that 30 banks have met the revised minimum capital requirements under its 2024 recapitalisation programme, as of March 6, 2026. The initiative, aimed at strengthening the banking sector's resilience and capacity to support economic growth, has seen 33 banks raise additional capital through rights issues, initial public offerings, and private placements. The CBN stated that the remaining banks are undergoing routine verification to confirm compliance with regulatory standards.

The recapitalisation programme requires banks to align their capital bases with thresholds tied to their licence categories. For instance, commercial banks with international authorisation must meet a N500 billion minimum, while regional banks require N50 billion. As of February 19, 2026, verified capital raised by banks totaled N4.05tn, with 71.6% sourced domestically and 28.33% from foreign investors. This reflects broad investor confidence in the sector, according to CBN Governor Olayemi Cardoso.

The CBN reiterated that Nigeria's banking system remains stable and sound, emphasizing that the recapitalisation drive will enhance credit intermediation and financial inclusion. The regulator also highlighted its continued supervisory engagement to ensure adherence to prudential requirements. With the March 31, 2026, deadline approaching, the progress underscores the sector's alignment with broader financial reforms to bolster systemic stability.