CBN Announces 30 Nigerian Banks Have Successfully Met New Capital Requirements
The Central Bank of Nigeria (CBN) has made a significant announcement regarding the ongoing banking sector recapitalisation programme, revealing that 30 commercial banks in the country have already met the new minimum capital requirements introduced in 2024. This development comes ahead of the March 31, 2026 deadline set by the apex bank for full compliance across the industry.
Recapitalisation Progress and Banking Sector Stability
In a statement released on Friday, March 6, 2026, the CBN's Acting Director of Corporate Communications, Hakama Sidi Ali, confirmed that the recapitalisation exercise is progressing steadily across Nigeria's banking industry. The regulator emphasized that the initiative, which was introduced in 2024, was specifically designed to strengthen the resilience and stability of Nigeria's banking system while enhancing the sector's capacity to support broader economic development.
The CBN stated: "As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations."
The apex bank further reassured the public that the Nigerian banking sector remains stable and well-regulated despite the ongoing recapitalisation programme. The CBN reiterated its commitment to maintaining close supervisory oversight of banks to ensure continued compliance with prudential and capital requirements.
Capital Raising Achievements and Verification Process
According to the Central Bank's disclosure, a total of 33 banks have successfully raised fresh capital through various funding channels, including:
- Rights issues
- Initial public offerings (IPOs)
- Private placements
The regulator explained that the capital positions of the remaining banks are currently undergoing routine verification processes ahead of final confirmation of compliance within the established deadline. This verification phase represents a crucial step in ensuring that all banks meet the regulatory standards before the March 31, 2026 cutoff.
Substantial Capital Injection and Previous Disclosures
Earlier revelations from CBN Governor Olayemi Cardoso on February 24 provided additional context to the current announcement. The Governor had disclosed that 20 banks had already met the minimum capital requirements at that time, and that banks had raised approximately N4 trillion in verified and approved capital under the recapitalisation exercise as of February 19.
The recapitalisation programme was officially announced on March 28, 2024, when the CBN raised the minimum capital threshold for banks operating in Nigeria. This strategic move was designed to create a more robust banking sector capable of supporting households, businesses, and sustainable economic growth across the nation.
Individual Bank Success Stories
Among the success stories emerging from this recapitalisation drive is Optimus Bank, which recently became the latest financial institution to meet the CBN's capital requirements. The bank successfully raised over N200 billion ahead of the March 31 deadline, allowing it to retain its national banking licence. This achievement was made possible through strategic capital raising initiatives including rights issues and private placements that significantly strengthened the bank's balance sheet.
The CBN emphasized in its statement: "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."
With the March 31, 2026 deadline approaching, the Central Bank continues to monitor the progress of all banks in meeting the new capital requirements, ensuring that Nigeria's banking system maintains its stability while enhancing its capacity to drive economic development across various sectors of the economy.
