By Seun Ibiyemi
The Central Bank of Nigeria (CBN) says 30 banks have met the new minimum capital requirements introduced under its banking sector recapitalisation programme as the March 31 deadline approaches.
The Acting Director of Corporate Communications at the apex bank, Hakama Sidi-Ali, disclosed this in a statement issued on Friday in Abuja.
According to Sidi-Ali, as of March 6, the banks had successfully met the new capital thresholds applicable to their respective licence authorisations.
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“In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs) and private placements as part of the programme,” she said.
She added that the capital positions of the remaining banks were currently undergoing routine verification by the apex bank ahead of final confirmation of compliance within the recapitalisation timeline.
Sidi-Ali reiterated that Nigeria’s banking system remains stable and resilient.
“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,” she said.
She also noted that the CBN would continue close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
Earlier, the Governor of the CBN, Olayemi Cardoso, had said that the banking sector recapitalisation programme was progressing according to the approved regulatory timetable.
Speaking at the close of the 304th Monetary Policy Committee media briefing on Feb. 24, Cardoso said 20 banks had fully met the new capital requirements at the time, while 13 others were at advanced stages of their capital-raising processes.
He explained that some institutions still finalising their plans were exploring strategic options, including consolidation, to ensure compliance within the stipulated timeframe.
Cardoso disclosed that, as of Feb. 19, the total verified and approved capital raised under the programme stood at about N4.05 trillion.
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He said N2.90 trillion, representing 71.67 per cent of the total, was mobilised domestically, while 706.84 million dollars, estimated at N1.15 trillion or 28.33 per cent, came from foreign investors.
According to the CBN governor, the balanced mix of domestic and foreign participation reflects strong investor confidence in Nigeria’s banking sector.
Cardoso also addressed the situation of institutions currently under regulatory intervention, noting that legal and structural considerations influence the order of recapitalisation measures for such banks.
He assured stakeholders that depositor funds in those institutions remained secure and that their operations continued under strict regulatory oversight.
The CBN introduced the banking sector recapitalisation programme in 2024 to strengthen the resilience, stability and long-term capacity of the financial system to support Nigeria’s economic development.
Under the framework, the minimum capital requirement for commercial banks with international authorisation is set at N500 billion, while national and regional commercial banks are required to maintain N200 billion and N50 billion respectively.
Merchant banks are required to maintain N50 billion, while non-interest banks must maintain minimum capital of N20 billion for national licences and N10 billion for regional licences.
