February 24, (THEWILL) — The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the banking sector recapitalisation programme remains on schedule, with momentum increasing as the March 31, 2026 compliance deadline approaches.
Speaking at the close of the 304th Monetary Policy Committee (MPC) briefing on Tuesday, Cardoso disclosed that 20 banks have already met the new minimum capital requirements, while 13 others are at advanced stages of capital raising and are expected to conclude within the regulatory timeline.
He noted that institutions still finalising their plans are evaluating multiple strategic options, including mergers and other consolidation arrangements where appropriate.
As of February 19, 2026, total verified capital raised under the programme stood at ₦4.05 trillion. Of this amount, ₦2.90 trillion (71.67%) was mobilised domestically, while foreign participation accounted for US$706.84 million, equivalent to about ₦1.15 trillion (28.33%), indicating broad investor confidence in the sector.
Cardoso also addressed banks under regulatory intervention, explaining that recapitalisation sequencing is influenced by legal and structural considerations.
He reassured depositors that funds in affected institutions remain secure and that operations continue under strict regulatory supervision.
Under the recapitalisation framework, minimum capital thresholds are set at ₦500 billion for international commercial banks, ₦200 billion for national banks, ₦50 billion for regional commercial and merchant banks, and ₦20 billion and ₦10 billion for national and regional non-interest banks respectively.
The CBN expressed confidence that most institutions will align with the new requirements before the deadline.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
