As the March 31 deadline for the bank recapitalisation exercise of the Central Bank of Nigeria (CBN) draws near, the apex bank says 30 banks have met the new capital requirements.
CBN Acting Director, Corporate Communications Development, Mrs Hakama Sidi-Ali, said this in a statement on Friday in Abuja.
According to Sidi-Ali, as of March 6, the banks have met the new minimum capital requirements applicable to their respective licence authorisations.
“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 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,” she said.
She said that the CBN will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
Meanwhile, the Governor of CBN, Mr Olayemi Cardoso, had earlier said that the banking sector recapitalisation programme was progressing in accordance with the approved regulatory timetable.
Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing, on Feb. 24, Cardoso said that 20 banks had fully met the new minimum capital requirements.
He said that a further 13 banks were at advanced stages of their capital-raising processes and were expected to conclude within the stipulated timeframe.
He said that institutions still finalising their plans were 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 programme was N4.05 trillion.
He provided a breakdown showing that N2.90 trillion (71.67 per cent) was mobilised domestically, while 706.84 million dollars, estimated at N1.15 trillion (28.33 per cent), reflected foreign participation.
According to the CBN governor, this balanced mix signals broad investor engagement and growing confidence in the sector.
He also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.
He said the CBN remained actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability.
Cardoso reassured stakeholders that depositor funds in those institutions remained secure and that operations continued under strict regulatory oversight.
He expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
The News Agency of Nigeria (NAN) reports that the CBN introduced a recapitalisation programme for the
banking sector in 2024.
This is to strengthen the resilience, stability and long-term capacity of the financial system to support Nigeria’s economic development.
Since the introduction of the policy, banks across the industry have taken steps to strengthen
their capital base in line with the revised regulatory requirements.
Under the CBN 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.
It also include N20 billion and N10 billion for national and regional non-interest banks respectively.
