Abuja, Nigeria – The Central Bank of Nigeria has confirmed that 20 banks have successfully met the new minimum capital threshold ahead of the March 31 deadline, raising a combined total of N4.05 trillion (approximately $2.59 billion).
Okay News reports that CBN Governor Olayemi Cardoso disclosed this at the end of the 304th Monetary Policy Committee meeting held in Abuja on Tuesday, February 24. According to him, 33 banks have so far raised additional capital, with 20 already meeting the regulatory threshold. The remaining 13 are still working to comply before the deadline.
Members of the MPC noted the continued resilience of the banking sector, highlighting that key financial soundness indicators remain within regulatory limits. Cardoso stated that of the N4.05 trillion raised by the 20 compliant banks, N2.90 trillion representing 71.6 percent was sourced domestically, while $706.84 million equivalent to N1.15 trillion came from foreign participation. He noted that the blend of domestic and foreign capital reflects broad investor confidence in Nigeria’s banking sector.
The recapitalisation drive is one of the most significant reforms undertaken by the CBN in recent years, aimed at positioning Nigerian banks to compete more effectively on the global stage. At the previous MPC meeting in November, the apex bank reported that 16 banks had met the threshold, indicating steady progress toward the March 2026 deadline. The strengthened capital base is expected to enhance financial system resilience and improve banks’ capacity to support sustainable economic growth.
Cardoso disclosed that some financial institutions currently undergoing regulatory intervention are making progress toward meeting the new capital requirement, although he declined to name them. He assured stakeholders that depositor funds remain secure and operations continue under close supervisory oversight. In March 2024, the CBN directed commercial banks with international licenses to raise their capital base to N500 billion, while those with national authorization were required to meet a N200 billion threshold. Among the listed banks that have met the capital requirement are Access Bank, Zenith Bank, Guaranty Trust Bank, Wema Bank, Jaiz Bank, Stanbic IBTC Bank, First Bank of Nigeria, and Fidelity Bank Nigeria.
