CBN Governor Cardoso Updates on Banking Recapitalization

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), reported on the progress of the banking sector recapitalization during a media briefing following the 304th Monetary Policy Committee meeting.

He stated that 20 banks have fully met the new minimum capital requirements, while an additional 13 banks are advancing in their capital raising processes, expected to conclude by the deadline of March 31, 2026. Cardoso explained that the institutions are finalizing plans and assessing various strategic options, including consolidation, to ensure compliance within the stipulated timeframe.

As of February 19, 2026, a total of 4.05 trillion naira in capital raising programs has been verified and approved, with 2.90 trillion naira (71.67%) mobilized domestically and an estimated 706.84 million naira (28.33%) reflecting foreign participation. The Governor emphasized the importance of regulatory intervention and maintaining financial stability, assuring stakeholders that depositor funds remain secure under strict regulatory oversight.