The Central Bank of Nigeria announced that 33 banks have met the revised minimum capital requirements under its two-year banking sector recapitalization program, which concluded with a total of ₦4.65 trillion in fresh equity raised.
In a statement, the CBN said the exercise, launched in March 2024 with a deadline that expired on March 31, 2026, was completed without disruption to banking services, ensuring uninterrupted access for customers throughout the process.
Local investors accounted for 72.55 percent of the capital raised, with the remaining 27.45 percent coming from international markets, reflecting sustained confidence in the Nigerian banking sector, according to the statement signed by Director of Banking Supervision Olubukola Akinwunmi and Acting Director of Corporate Communications Hakama Sidi Ali.
A limited number of institutions, including those under the CBN’s intervention such as Union Bank, Polaris Bank and Keystone Bank, remain subject to ongoing regulatory and judicial processes that are being handled through established supervisory and legal channels. The CBN emphasized that all banks remain fully operational.
The program has strengthened the sector’s capital base, improved Capital Adequacy Ratios above international Basel benchmarks, and enhanced asset quality following an orderly exit from regulatory forbearance. Minimum CAR thresholds stand at 10 percent for regional and national banks and 15 percent for those with international authorization.
To safeguard these gains, the CBN has reinforced its risk-based capital adequacy framework, mandating regular stress testing under defined scenarios and the maintenance of appropriate capital buffers. Prudential guidelines and the supervisory framework will continue to undergo periodic reviews to bolster governance, risk management and overall sector resilience.
CBN Governor Olayemi Cardoso noted that the recapitalization has positioned Nigerian banks to more effectively support economic growth, mobilize savings, extend lending and withstand domestic and external shocks.
The central bank reiterated its commitment to a stable, transparent and resilient financial system that inspires confidence among depositors, investors and the broader public while advancing the long-term sustainability of Nigeria’s financial architecture.
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