The Central Bank of Nigeria (CBN) has confirmed that 20 banks have successfully met the new minimum capital requirement ahead of the March 31 deadline, raising a combined total of N4.05 trillion.
CBN Governor Olayemi Cardoso disclosed this at the end of the 304th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, February 24, 2026.
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.
What they are saying
Members of the MPC noted the continued resilience of the banking sector, highlighting that key financial soundness indicators remain within regulatory limits.
- “With regards to key financial soundness, the committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement, reaffirming steady progress towards a more robust and well-capitalized financial system,” Cardoso said.
- “The MPC reiterated the strategic importance of the recapitalization exercise and urged the bank to ensure its successful completion.”
Cardoso further revealed that of the N4.05 trillion raised by the 20 compliant banks, N2.90 trillion representing 71.6%, was sourced domestically.
- “As of February 19, 2026, total verified and approved capital raised stands at N4.05 trillion. Of this, N2.90 trillion, which is 71.6%, has been mobilized domestically, with 706.84 million U.S., which is 1.15 trillion, representing 28.33% foreign. So, in summary, 71.67% is domestic mobilization and 28.33% is foreign participation.”
He noted that the blend of domestic and foreign capital reflects broad investor participation and confidence in Nigeria’s banking sector.
According to him, the strengthened capital base will enhance financial system resilience and improve banks’ capacity to support sustainable economic growth and price stability.
Backstory
The recapitalisation drive is one of the most significant reforms undertaken by the CBN in recent years.
It is 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 recapitalisation threshold.
That figure had earlier risen from 14 banks as of the September meeting, indicating steady compliance across the industry ahead of the March 2026 deadline.
The CBN also acknowledged improved coordination between fiscal and monetary authorities, which it said contributed to Nigeria’s recent sovereign credit rating upgrade and removal from the Financial Action Task Force (FATF) grey list.
More insights
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 the CBN remains closely engaged with affected institutions to ensure an orderly and credible outcome without compromising financial stability.
- “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank,” he said.
What you should know
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 requirement are Access Bank, Zenith Bank, Guaranty Trust Bank, Wema Bank, Jaiz Bank, Stanbic IBTC Bank, First Bank of Nigeria, and Fidelity Bank Nigeria.
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