CBN monitoring recapitalisation compliance as 30 banks meet deadline –Spokesperson

*The Central Bank of Nigeria discloses 30 Deposit Money Banks have met the new capital requirements as the mandatory banking sector recapitalisation exercise dress to a close March 31, 2026

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has said the banking sector will continue to maintain close supervisory engagement with financial institutions to ensure full compliance with the fresh prudential and capital requirements.

The Bank disclosed that as the March 31 deadline for mandatory bank recapitalisation draws near, the CBN said 30 banks had met the new capital requirements thus far.

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Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at CBN, revealed this development in a statement Friday, March 6, 2026, in Abuja, FCT.

Sidi-Ali stated that as of March 6 this year, the said number of Deposit Money Banks (DMBs) met the new minimum capital requirements applicable to their respective licence authorisations.

ConsumerConnect reports the CBN had introduced a recapitalisation programme for the

banking sector 2024.

The banking sector regulator emphasised the move is to strengthen the resilience, stability and long-term capacity of the financial system to support Nigeria’s economic development towards attaining a trillion Dollar economy.

The CBN Spokesperson also noted: “In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs) and private placements as part of the programme.

“The capital positions of the remaining banks are currently undergoing the CBN’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.”

The Bankers’ Bank stated: “The CBN reiterates that the Nigerian banking system remains stable and sound.

“The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”

The statement further noted that the CBN would continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.

Earlier, Olayemi Cardoso, Governor of VBN, had intimated Nigerians with updates on the banking sector recapitalisation programme.

Cardoso had assured that the exercise was progressing in accordance with the approved regulatory timetable.

Speaking at the close of the 304th Monetary Policy Committee (MPC) during a media briefing, February 24, 2026, Cardoso said that 20 banks had fully met the new minimum capital requirements as of the time.

The CBN Chief also said the 13 more banks then, were at advanced stages of their capital-raising processes and were expected to conclude within the stipulated timeframe.

According to him, institutions still finalising their plans are assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe.

Cardoso also said that, as of February 19, the total verified and approved capital raised under the ongoing programme was N4.05 trillion.

He equally gave a breakdown indicating that N2.90 trillion (71.67 percent) was mobilised domestically, while 706.84 million dollars, estimated at N1.15 trillion (28.33 per cent), reflected foreign participation.

Cardoso said the balanced mix signalled broad investor engagement and growing confidence in the banking sector of the Nigerian economy.

The Governor of CBN discussed the status of institutions currently under regulatory intervention.

Specific legal and structural factors influence the order of recapitalisation measures for these banks, stated he.

He further said the CBN remained actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability.

The CBN Chief, therefore, reassured stakeholders in the banking sector, that depositor funds in the financial institutions remain secure, and those operations have continued under strict regulatory oversight.

He restated that the market would see substantial alignment with the new capital requirements by the cut-off date.

Under the CBN recapitalisation framework, minimum capital thresholds include: N500 billion for commercial banks with international authorisation, N200 billion for national authorisation, N50 billion for regional commercial banks, N50 billion for merchant banks.

The exercise as well includes N20 billion and N10 billion for national and regional non-interest banks respectively.

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