FULL LIST: “14 Banks Have Fully Met New Capital Requirement” – CBN Governor Cardoso

Fourteen banks have now met the Central Bank of Nigeria’s (CBN) new capital requirements, up from eight as of July, according to the CBN governor, Olayemi Cardoso. With six months left before the recapitalisation deadline, Cardoso confirmed that progress in the exercise has been significant, highlighting the resilience of the country’s financial sector.

Speaking after the 302nd Monetary Policy Committee meeting, the governor noted that most financial soundness indicators remain within projections. He said the recapitalisation drive is on track, with the successful termination of forbearance measures and waivers on single obligors further strengthening transparency, risk management, and long-term stability in the banking system. He assured that the impact of these changes was temporary and posed no risk to stability.

At the July MPC meeting, only eight banks had crossed the recapitalisation line, while a recent report by LEADERSHIP put the figure at 12. Findings showed that Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Jaiz Bank, Lotus Bank, Greenwich Merchant Bank, Premium Trust Bank, and Globus Bank had already achieved compliance.

The CBN’s directive, issued in March 2024, raised the minimum paid-up capital for international banks to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion. For non-interest banks, the thresholds were set at ₦20 billion and ₦10 billion depending on authorisation. Retained earnings are excluded under the new rules, compelling lenders to raise fresh equity, restructure operations, or consider mergers.