FEW days to the March 31 deadline, Nigeria’s banking sector recapitalisation drive has gained significant momentum with 30 banks already meeting the new minimum capital requirements.
This is even as three lenders are still undergoing regulatory verification, the Central Bank of Nigeria (CBN) said.
The apex bank, in a statement on Friday, March 6, through its Acting Director of Corporate Communications, Hakama Ali, stated that a total of 33 banks successfully raised fresh capital through various channels, including rights issues, initial public offerings, and private placements, as part of the industry-wide recapitalisation programme launched in 2024.
“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. In total, thirty-three banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the CBN said.
The apex bank explained that the capital positions of the remaining lenders were undergoing routine verification by regulators ahead of final confirmation of their compliance with the new capital thresholds within the stipulated recapitalisation timeline.
The recapitalisation programme was introduced in 2024 as part of broader efforts by the regulator to strengthen the resilience of Nigeria’s banking system, enhance financial stability, and position banks to play a stronger role in financing economic growth.
The initiative requires banks to significantly increase their capital base in line with revised regulatory thresholds tied to their operating licences, with the objective of ensuring that financial institutions are better equipped to absorb shocks, deepen credit intermediation, and support large-scale economic activities.
Since the policy was announced, banks across the industry have embarked on aggressive capital-raising programmes, tapping domestic and international investors through equity offerings and private placements. Several lenders have also restructured their balance sheets and expanded shareholder participation to meet the new regulatory requirements.
The recapitalisation push is widely seen as one of the most significant regulatory reforms in Nigeria’s banking sector since the 2004 consolidation exercise, which reduced the number of banks in the country while strengthening capital buffers and improving financial system stability.
The CBN reiterated that Nigeria’s banking system remained stable and sound, noting that the ongoing recapitalisation programme would further reinforce the sector’s capacity to support households, businesses, and long-term economic expansion.
According to the regulator, stronger capital buffers will enable banks to increase lending to critical sectors of the economy, finance infrastructure projects, support small and medium-sized enterprises, and deepen financial inclusion.
The Central Bank also emphasised that it would continue to maintain close supervisory engagement with regulated institutions throughout the recapitalisation process to ensure full compliance with prudential standards and capital adequacy requirements.
The ICIR reported that some banks, including deposit money banks (DMBs), were considering mergers as a last-ditch effort to meet the March 31, 2026, deadline for the CBN recapitalisation exercise.
In March 2024, the CBN announced new minimum capital requirements of N500 billion for international banks, N200 billion for national banks and N50 billion for regional banks, allowing compliance only through fresh equity injections, mergers and license re-classification.
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.