30 Nigerian Banks Meet New Capital Requirements

The Central Bank of Nigeria (CBN) announced that thirty banks have successfully met the new minimum capital threshold introduced as part of its ongoing bank sector recapitalization program. This update was disclosed in a statement issued on Friday by the Acting Director of Corporate Communications at CBN, Hakama Sidi Ali.

The recapitalization drive began in 2024 and is part of broader reforms aimed at strengthening Nigeria's financial system to better support economic growth. Various fundraising strategies are being employed by financial institutions to meet the revised requirements.

The CBN noted that several banks have already achieved the required capital levels, while others are currently undergoing routine supervisory checks for compliance as part of the verification process. The CBN has confirmed a total capital raise of N4.05 trillion, with the latest update indicating that ten banks have met the minimum capital requirements.