March 07, (THEWILL) — The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the ongoing banking sector recapitalisation programme is progressing according to schedule, with compliance activities accelerating as the March 31, 2026, deadline approaches.
Cardoso disclosed this while addressing journalists at the close of the 304th Monetary Policy Committee (MPC) media briefing held on Tuesday, February 24, 2026.
According to the CBN governor, 20 banks have already met the new minimum capital requirements, while 13 others are at advanced stages of their capital-raising processes and are expected to conclude before the regulatory deadline.
He explained that banks still finalising their plans were exploring various strategic options, including consolidation where necessary, to ensure they meet the required capital thresholds within the stipulated timeframe.
However, providing an update on Friday, the CBN Acting Director of Corporate Communications, Hakama Sidi Ali, said 30 banks had met the new minimum capital requirements for their respective licence categories as of March 6, 2026.
She added that 33 banks have successfully raised additional capital through rights issues, initial public offerings (IPOs), and private placements, demonstrating proactive compliance with the revised regulatory framework.
Cardoso further revealed that, as of February 19, 2026, the total verified and approved capital raised under the recapitalisation programme stood at ₦4.05 trillion.
Providing a breakdown of the figures, he said ₦2.90 trillion, representing 71.67 per cent, was mobilised from domestic sources, while foreign participation accounted for US$706.84 million, equivalent to about ₦1.15 trillion or 28.33 per cent.
According to him, the mix of domestic and foreign capital inflows reflects broad investor engagement and growing confidence in Nigeria’s banking sector.
The governor also spoke on the status of financial institutions currently under regulatory intervention, noting that specific legal and structural considerations influence the sequencing of recapitalisation measures for such banks.
He said the apex bank remains actively engaged with relevant stakeholders to ensure credible and orderly outcomes, while maintaining overall financial system stability.
Cardoso reassured depositors and other stakeholders that funds in the affected institutions remain safe, stressing that the banks continue to operate under strict regulatory oversight by the CBN.
Based on the current pace of compliance and ongoing capital-raising activities, he expressed optimism that the market would achieve substantial alignment with the new capital requirements by the March 31 deadline.
Under the CBN recapitalisation framework, commercial banks with international authorisation are required to maintain a minimum capital base of ₦500 billion, while those with national authorisation must hold ₦200 billion.
Regional commercial banks are required to maintain ₦50 billion, the same threshold set for merchant banks. Meanwhile, non-interest banks must maintain a minimum capital of ₦20 billion for national authorisation and ₦10 billion for regional operations.
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