30 Nigerian Banks Meet CBN Capital Requirements

The Central Bank of Nigeria (CBN) announced that thirty banks operating in the country have successfully met the new minimum capital requirements introduced as part of an ongoing bank sector recapitalization program. This announcement was made in a statement issued on Friday night by the Acting Director of Corporate Communications, Hakama Sidi Ali.

The recapitalization exercise commenced in 2024, with banks raising fresh capital through various fundraising strategies. Leading banks that have met the revised capital threshold include Zenith Bank, Access Bank, First Bank of Nigeria, and Guaranty Trust Holding Company (GTCO).

The requirement mandates banks to achieve a minimum capital of N200 billion. Other institutions that have met the threshold include Ecobank Nigeria, Stanbic IBTC Bank, and Sterling Bank.

The program also covers non-interest banks such as Jaiz Bank and Lotus Bank. The CBN noted that the recapitalization process is crucial for strengthening the banking sector, allowing banks to finance large-scale infrastructure projects and withstand economic volatility.