Recapitalisation Update: 30 Nigerian Banks Reach Minimum Capital Threshold

The Central Bank of Nigeria (CBN) has confirmed that 30 banks have met the minimum capital requirements introduced in March 2024.

In a statement on Friday, Hakama Sidi Ali, acting director of corporate communications at CBN, said 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the recapitalisation programme.

“The CBN introduced the capitalisation programme to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development,” the statement said.

According to CBN, the recapitalisation exercise is progressing steadily. While 30 banks have already met the revised minimum capital requirements, the capital positions of other banks are under routine verification ahead of final compliance confirmation.

“The Nigerian banking system remains stable and sound. The recapitalisation programme will further enhance the sector’s capacity to support households, businesses, and sustainable economic growth,” the apex bank added.

CBN also reaffirmed its commitment to close supervisory engagement with banks to ensure adherence to prudential and capital requirements.

Previously, on February 24, CBN Governor Olayemi Cardoso reported that 20 banks had met the capital requirements, with verified and approved capital raises totaling N4 trillion as of February 19.

The revised minimum capital requirements, announced on March 28, 2024, must be fully met by banks by March 31, 2026.