CBN Completes Historic Bank Recapitalization Program

The Central Bank of Nigeria (CBN) has officially concluded a significant 24-month recapitalization program aimed at strengthening the banking sector. As of the announcement, 33 banks have successfully met the revised minimum capital requirements, which were introduced to be effective by March 2024.

The program required Nigerian banks to raise a combined total of ₦4.65 trillion in new capital. The CBN emphasized that banking operations across Nigeria remained uninterrupted throughout the recapitalization process, ensuring customer service continuity.

Four banks are still undergoing regulatory judicial processes, but their operations continue without disruption. The recapitalization exercise, which involved 37 licensed banks, is designed to enhance capital adequacy ratios beyond the minimum thresholds set by international standards.

The CBN's initiative aims to improve the financial strength of banks, ensuring they can withstand economic pressures and maintain stability in the financial system.