FOURTEEN financial banks in Nigeria have met their March 2026 recapitalisation requirement, according to the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.
Cardoso disclosed this on Tuesday, September 23, in a briefing after the 302nd Monetary Policy Committee (MPC) meeting in Abuja.
He said the Nigerian banking sector remained strong and resilient.
Cardoso, however, did not mention the names of the banks that have met the recapitalisation requirements.
During the 301st MPC meeting in July 2025, Cardoso had said eight banks had met CBN’s minimum capital requirements.
The ICIR reports that the last major bank recapitalisation exercise in Nigeria was in 2004, when the CBN raised the minimum capital requirement for all banks from two billion Naira to N25 billion.
This was a significant increase that led to a major consolidation in the banking sector, as the number of banks was reduced from 89 to 25 through a series of mergers and acquisitions.
Recall that in March, the apex bank increased minimum capital requirements for banks with a 2026 deadline.
The ICIR reported that the apex bank had set March 31, 2026, as the deadline for all the banks to raise their capital base, giving a two-year period that started on April 1, 2024.
The apex bank pegged the minimum capital requirement for commercial banks with international exposure at N500 billion, commercial banks with national authorisation at N200 billion, regional banks and merchant banks at N50 billion, non-interest banks with national and regional operations at N20 billion and N10 billion, respectively.
The capital requirements can be through private placements, rights issues and/or offers for subscription, mergers and acquisitions (M&As), and/or upgrade or downgrade of license authorisation.
At the Annual Bankers’ Dinner in November 2023, where Cardoso officially announced the compulsory recapitalisation of the banks, he said it was aimed at enhancing banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.
Other requirements set by the CBN included that the minimum capital shall comprise paid-up capital and share premium only, and not include shareholders’ funds.
“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” the CBN cautioned.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.