Thirty Nigerian Banks Meet Recapitalization Targets

As of March 6, 2026, thirty banks in Nigeria have met the new minimum capital requirements introduced by the Central Bank of Nigeria (CBN) as part of its recapitalization program launched in 2024. This initiative aims to enhance the resilience and capacity of the financial system.

According to a statement from the CBN's acting director of corporate communications, Hakama Sidi Ali, these banks have successfully strengthened their capital base through various fundraising channels, including rights issues and private placements. The recapitalization exercise is currently undergoing routine verification to confirm compliance with regulatory standards.

CBN Governor Olayemi Cardoso disclosed that banks have raised a total of ₦4.05 trillion ahead of the March 31, 2026, deadline, nearly doubling the ₦2.4 trillion reported in April 2025. The capital raised consists of 71.67% from domestic sources and 28.33% from foreign participation, reflecting broad investor engagement and confidence in the sector.