The Central Bank of Nigeria (CBN) has announced that 30 commercial banks have met the revised minimum capital requirements under the ongoing banking sector recapitalisation programme.
In a statement released on Friday, the apex bank said the recapitalisation exercise is advancing as expected with several financial institutions already achieving the new capital thresholds applicable to their respective operating licences.
Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, said the development reflects the strong response from the banking industry to the regulator’s directive aimed at strengthening the financial system.
“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 statement said.
The CBN also disclosed that 33 banks have successfully raised additional capital through various channels including rights issues, public offers and private placements as part of efforts to comply with the new regulatory framework.
However, three banks are still undergoing verification of their capital positions, the regulator added, noting that the process is part of routine supervisory checks to ensure full compliance with regulatory standards.
Recapitalisation Framework
The recapitalisation programme was introduced by the CBN in March 2024 as part of broader reforms designed to strengthen Nigeria’s banking system and enhance lenders’ ability to support economic growth.
Under the revised framework, banks are required to meet significantly higher capital thresholds depending on the scope of their operations.
Banks operating with an international banking licence must maintain a minimum capital base of ₦500 billion, while national banks are required to meet a ₦200 billion threshold. Regional banks are expected to maintain ₦50 billion in minimum capital.
The recapitalisation policy is expected to position Nigerian banks to finance large-scale infrastructure projects, support private sector expansion and compete more effectively in the global financial system.
Capital Market Activity
The exercise has also triggered increased activity in Nigeria’s capital market as several banks tap investors for fresh equity.
Financial institutions have raised funds through a combination of public offers, rights issues and strategic investments, attracting strong participation from both institutional and retail investors.
One of the notable capital raising exercises was FCMB Group Plc’s public offer, which generated approximately ₦231.8 billion in gross proceeds, contributing significantly to the banking sector’s recapitalisation drive.
Industry analysts note that the capital raising programmes have helped deepen investor participation in banking stocks while strengthening balance sheets across the sector.
Potential Industry Reshaping
Market observers say the recapitalisation exercise could lead to further consolidation within the Nigerian banking industry, particularly among smaller lenders that may face challenges meeting the new capital thresholds independently.
Similar reforms in the past have resulted in mergers and acquisitions that reshaped the banking landscape.
Analysts believe the current exercise will produce stronger institutions with improved capacity to withstand economic shocks and support long-term national development.
Deadline Approaches
The deadline for banks to meet the new capital requirements is March 31, 2026, giving institutions limited time to finalise capital raising efforts and complete regulatory verification processes.
The CBN reiterated its commitment to ensuring full compliance across the banking sector while maintaining financial system stability.
With 30 banks already meeting the new capital threshold, the regulator said the recapitalisation programme is on track to strengthen Nigeria’s banking industry and position it for sustainable growth in the coming years.
