CBN Reports 33 Banks Meet New Capital Requirements

The Central Bank of Nigeria (CBN) disclosed that 33 out of 37 banks in the country met the new capital requirements, successfully raising a total of N4.65 trillion during a recapitalization exercise that is set to conclude on March 31, 2026. This initiative, which began in March 2024, aims to strengthen the resilience of the financial system and enhance the capacity of the banking industry to support the economy.

The CBN's statement, signed by Dr. Olubukola Akinwunmi, Acting Director of Banking Supervision, and Mr. Hakama Sidi Ali, Acting Director of Corporate Communications, noted that 72.55% of the capital raised came from domestic investors, while 27.45% was sourced from the international market. CBN Governor Mr. Olayemi Cardoso emphasized that the recapitalization program would reinforce the capital base of Nigerian banks, ensuring they can withstand domestic and external shocks.

However, four banks failed to meet the new capital requirements, and the CBN is addressing these through ongoing regulatory processes.