The Central Bank of Nigeria (CBN) says 16 commercial banks have now met the regulatory recapitalisation threshold, marking a significant step forward in the sector’s push to strengthen its balance sheets before the March 2026 deadline, Okay News reports.
CBN Governor Olayemi Cardoso provided the update during a press briefing on Tuesday following the conclusion of the Monetary Policy Committee (MPC) meeting in Abuja.
Cardoso said the figure represents continued progress compared with the 14 banks that had complied as of the previous MPC meeting in September.
According to him, the committee “noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.”
He added that MPC members “acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with the revised capital requirements. The committee thus urged the Bank to ensure a successful implementation and conclusion of the program, among other domestic developments.”
The recapitalisation programme, announced earlier this year, requires banks to raise fresh capital to support financial stability, strengthen shock absorption, and position the banking sector to fund major economic reforms and large-scale private sector investment.
Okay News reports that regulators expect the exercise to ensure a more robust industry capable of supporting long term credit expansion, infrastructure financing, and Nigeria’s broader economic transformation agenda.
