The Central Bank of Nigeria has announced that 30 commercial banks have met the new minimum capital requirements introduced under its banking sector recapitalisation programme, as the March 31, 2026 deadline approaches.
The disclosure was made in an update released on Friday by the spokesperson of the apex bank, Hakama Ali-Sidi, who provided fresh details on the progress of the recapitalisation exercise across Nigeria’s banking industry.
According to the Central Bank of Nigeria, the ongoing programme has seen significant progress in recent weeks, with several banks successfully raising additional funds through various capital market instruments to strengthen their balance sheets and meet the regulatory threshold.
“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective license authorizations,” the bank said in the statement.
The regulator also revealed that a total of 33 banks have so far raised additional capital through different funding channels as part of the recapitalisation drive aimed at strengthening the financial sector.
“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the program,” the apex bank stated.
The announcement indicates that while most banks have successfully secured the required capital levels, at least three institutions are still undergoing final verification of their capital positions.
According to the Central Bank, these banks have already raised the required funds but are currently undergoing routine verification and regulatory review processes before their compliance can be officially confirmed.
The apex bank emphasised that supervisory oversight will continue as the recapitalisation programme enters its final phase before the March 31 deadline.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the statement added.
The latest update also reflects a significant improvement in compliance levels within a short period.
Earlier, during the 304th Monetary Policy Committee briefing, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had disclosed that only 20 banks had met the required capital thresholds at that time.
The new figures released by the apex bank indicate that between February 24 and March 6, an additional ten banks successfully achieved the required capital levels, demonstrating accelerated efforts by financial institutions to meet the regulatory deadline.
The recapitalisation programme was formally announced in March 2024 when the Central Bank introduced new minimum capital requirements for banks operating in Nigeria.
The policy formed part of broader reforms designed to strengthen the resilience of the banking system, enhance financial stability, and position Nigerian banks to support larger-scale economic growth and investment across the country.
Under the revised framework, banks were given a two-year window to raise fresh capital and adjust their financial structures in line with their licence categories and operational scale.
The recapitalisation drive has triggered a wave of financial activity across the Nigerian banking sector, with many institutions turning to the capital market through rights issues and initial public offerings, while others pursued private placements and strategic investor partnerships.
Financial analysts have noted that the programme is one of the most significant capital restructuring efforts in Nigeria’s banking sector since the landmark banking consolidation exercise carried out in 2005, which drastically reduced the number of banks while strengthening their capital base.
Market observers say the recapitalisation process is expected to produce a stronger and more resilient banking industry capable of financing large infrastructure projects, supporting private sector growth, and competing more effectively on the global financial stage.
With only weeks remaining before the March 31 deadline, attention is now focused on the remaining institutions still undergoing regulatory verification as the Central Bank moves to ensure full compliance with the new capital framework.
The apex bank has reiterated its commitment to maintaining financial stability while ensuring that all licensed institutions operate within the prudential standards required to safeguard depositors, investors, and the broader Nigerian economy.
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