The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced significant progress in the banking sector's recapitalisation exercise, revealing that at least 16 financial institutions have already met or exceeded the new minimum capital requirements. This milestone comes ahead of the March 31, 2026, deadline set by the apex bank.
Recapitalisation on Track for Economic Ambition
Speaking at the recent Chartered Institute of Bankers of Nigeria (CIBN) annual Bankers' Dinner, Cardoso stated that the sector-wide programme is firmly on course. He emphasised that the policy is designed to bolster the financial buffers of lenders, thereby positioning them to support Nigeria's ambitious push towards becoming a $1 trillion economy. The governor expressed confidence, noting that several other banks are advancing steadily and are well-positioned to meet the deadline comfortably.
Cardoso provided reassurance about the sector's health, saying, "Stress-testing confirms that Nigeria’s banking sector remains fundamentally robust, with key financial soundness indicators meeting prudential benchmarks." He confirmed that a total of 27 banks are actively engaged in raising new capital through various means, including public offers and rights issues.
Banks That Have Crossed the Finish Line
The CBN's directive, issued in March 2024, mandates different capital levels based on a bank's operational scope. International banks must achieve a minimum paid-up capital of N500 billion, national banks require N200 billion, and regional lenders need N50 billion. Non-interest banks have lower thresholds of N20 billion and N10 billion.
Several institutions have already successfully navigated this requirement. Access Holdings (Access Bank) was the first tier-1 lender to hit the N500 billion mark for international authorisation, following a N351 billion rights issue, pushing its share capital to N600 billion. Other major banks that have met the thresholds include:
- Zenith Bank (International): Above N500bn
- Stanbic IBTC Holdings (International): Above N500bn
- Wema Bank (National): Above N200bn
- Providus Bank (National): Above N200bn
- Jaiz Bank (Non-interest): Above N20bn
- Lotus Bank (Non-interest): Above N10bn
Additionally, Greenwich Merchant Bank has recapitalised, while Globus Bank's capital raise above N200bn is pending final confirmation from the CBN.
The Final Push to the Deadline
With less than four months remaining until the March 2026 deadline, the race for capital is intensifying. Notable lenders such as First Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and First City Monument Bank (FCMB) are among those still in the process of raising funds to meet the new requirements. The CBN's proactive stance is viewed as a critical step to ensure the banking system is resilient, competitive, and capable of financing large-scale projects essential for national economic growth.
This recapitalisation exercise represents the most significant overhaul of bank capital bases in over a decade, aiming to create a more robust financial system that can withstand economic shocks and drive Nigeria's next phase of development.
