The Central Bank of Nigeria (CBN) has reported steady progress in the ongoing recapitalisation of the banking sector, revealing that 30 banks have met the new minimum capital requirements introduced under the programme launched in 2024.
In a statement issued on March 6, 2026, the apex bank said 33 banks across the industry have raised additional capital through various instruments, including rights issues, initial public offerings (IPOs), and private placements, as part of efforts to comply with the revised regulatory framework.
According to the CBN, the capital positions of the remaining banks are currently undergoing routine verification by the regulator ahead of final confirmation of compliance within the stipulated recapitalisation timeline.
The recapitalisation policy was introduced to strengthen the resilience and stability of Nigeria’s financial system and position the banking sector to support larger financing needs across the economy.
“The Nigerian banking system remains stable and sound,” the CBN said, noting that the programme remains firmly on track and will further enhance the capacity of banks to support households, businesses, and sustainable economic growth.
The Central Bank added that it will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
What you need to know
The banking recapitalisation programme was announced by the Central Bank in March 2024 as part of broader financial sector reforms aimed at aligning the industry with Nigeria’s ambition of building a $1 trillion economy in the coming years. The policy raised the minimum capital thresholds for banks based on their licence categories, with institutions given a two-year transition window running from April 2024 to March 2026 to meet the new requirements.
Under the framework, banks were encouraged to strengthen their capital base through rights issues, mergers and acquisitions, private placements, and public offerings. The exercise marks the most significant recapitalisation drive in the Nigerian banking sector since the major consolidation reforms implemented in 2004–2005, which reduced the number of banks and significantly increased industry capitalisation.
With the current recapitalisation programme approaching its compliance deadline, the Central Bank said it remains engaged with industry stakeholders to ensure full adherence to the new capital standards while maintaining stability across the financial system.
