CBN: 30 Nigerian Banks Meet New Capital Requirements, Three Await Final Regulatory Clearance

Story: written by springnewsng March 9,2026
The recapitalisation programme in Nigeria’s banking industry is making steady progress, with 30 financial institutions already achieving the new minimum capital requirements, while three others are currently undergoing regulatory confirmation, the Central Bank of Nigeria (CBN) has announced.
In a statement released on Friday, the apex bank disclosed that 33 banks had successfully secured additional funds through different fundraising channels as part of the sector-wide recapitalisation initiative introduced in 2024.
According to the statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the Central Bank of Nigeria, the exercise has continued to move forward smoothly.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have already met the new capital thresholds required for their respective licences. In total, thirty-three banks have raised fresh capital through rights issues, initial public offerings (IPOs) and private placements under the programme,” the statement said.
The apex bank explained that the capital status of the remaining institutions is currently undergoing routine regulatory verification before final confirmation of their compliance with the revised capital benchmarks within the specified timeline.
The recapitalisation policy, introduced by the Central Bank of Nigeria in 2024, is part of broader efforts aimed at strengthening the financial system, improving banking sector resilience and enabling lenders to play a bigger role in supporting Nigeria’s economic development.
Under the policy, banks are required to significantly increase their capital base based on the category of operating licence they hold. The move is designed to ensure that financial institutions have stronger buffers to withstand economic shocks, improve credit supply and support large-scale investment across key sectors of the economy.
Since the announcement of the policy, banks have intensified capital-raising efforts, attracting investments through public share offers, rights issues and private placements from both local and international investors. Some lenders have also adjusted their balance sheets and broadened shareholder participation to comply with the regulatory requirement.
Industry analysts describe the ongoing recapitalisation programme as one of the most significant reforms in Nigeria’s banking sector since the 2004 consolidation exercise that reduced the number of banks while strengthening the financial system.
The Central Bank of Nigeria reaffirmed that the country’s banking sector remains stable and well-regulated, noting that the recapitalisation effort will further enhance banks’ capacity to support households, businesses and long-term economic growth.
The regulator added that stronger capital positions would allow banks to expand lending to critical sectors, finance infrastructure projects, support small and medium-sized enterprises (SMEs) and deepen financial inclusion across the country.
The CBN also assured that it will maintain strict supervisory oversight throughout the recapitalisation process to ensure banks comply fully with capital adequacy standards and other prudential regulations.