By Prisca Iffy
The Central Bank of Nigeria (CBN) has announced that 30 banks have successfully met the new minimum capital requirements ahead of the March 31, 2026 recapitalization deadline.
The disclosure was made on Friday by the apex bank’s spokesperson, Hakama Ali-Sidi, in an official update on the ongoing banking sector recapitalization exercise.
According to the CBN, a total of 33 banks have raised fresh capital through rights issues, initial public offerings (IPOs), and private placements as part of efforts to comply with the new financial threshold.
However, at least three banks are yet to fully meet the requirement, with their capital positions currently undergoing routine verification before final confirmation of compliance within the recapitalization timeline.
The apex bank noted that the process is progressing steadily.
“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective license authorisations,” the statement read.
“In total, thirty-three banks have raised additional capital through rights issues, IPOs and private placements as part of the programme.”
The bank also assured that it would continue close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.
Earlier, the CBN Governor, Olayemi Cardoso, had revealed during the 304th Monetary Policy Committee briefing that only 20 out of the 33 banks had initially met the capital requirement.
This indicates that between February 24 and March 6, an additional 10 banks were able to meet the minimum capital threshold.
The recapitalization drive was first announced by the Central Bank in March 2024, giving banks until March 31, 2026 to comply with the new capital requirements.
