…Says 20 Banks Have Met Minimum Capital Requirements
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Tuesday confirmed that the banking sector recapitalisation programme wasprogressing in accordance with the approved regulatory timetable, with activity accelerating as the March 31, 2026, deadline draws closer by the day.
The apex bank governor, who made this remark while briefing journalists on the key decisions taken during the 304th Monetary Policy Committee (MPC) on Tuesday, disclosed that 20 banks had fully met the new minimum capital requirements, while other 13 banks are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated timeframe.
Cardoso explained that the 13 lenders still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe.
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This is even as he disclosed that as of February 19, 2026, the total verified and approved capital raised under the programme was N4.05 trillion.
According to him, out of the approved capital raised, N2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at N1.15 trillion (28.33%), noting that this balanced mix signals broad investor engagement and growing confidence in the sector.
Cardoso also discussed the status of institutions currently under regulatory intervention, pointing out that specific legal and structural factors influence the order of recapitalisation measures for these banks.
He said the CBN remained actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, reassuring stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.
Based on the current pace of compliance and ongoing capital-raising activity, the apex bank governor expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
Under the CBN framework, minimum capital thresholds include: N500 billion for commercial banks with international authorisation, N200 billion for national authorisation, N50 billion for regional commercial banks, N50 billion for merchant banks, and N20 billion/N10 billion for national/regional non-interest banks.
