The Central Bank of Nigeria (CBN) has confirmed that 16 banks have now fully complied with its revised capital requirements. The announcement was made by CBN Governor Olayemi Cardoso during a press briefing following the 303rd Monetary Policy Committee (MPC) meeting held in Abuja onoso highlighted the resilience of Nigeria’s banking sector, noting that most financial soundness indicators remain within regulatory thresholds. He stated that the MPC acknowledged the significant progress made in the ongoing recapitalisation programme, with more than half of the country’s banks achieving full compliance.
“Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements,” Cardoso said.
The MPC urged the CBN to ensure the programme’s successful implementation and conclusion. Governor Cardoso emphasized that banks are actively strengthening their financial buffers—a key objective of the recapitalisation initiative. So far, 27 banks have raised capital through various means, with 16 meeting the full requirements.
“We are monitoring the developments, and from every indication, it is going in the right trajectory,” he added.
The recapitalisation effort is part of a broader strategy to build a resilient financial sector capable of supporting national economic growth and withstanding multinational operational risks. Many Nigerian banks operate across Africa and have demonstrated innovation in diverse markets. The strengthened capital bases will enhance their ability to navigate risks in multiple jurisdictions, ultimately benefiting Nigerian businesses and individuals engaged in cross-border activities.
The revised capital requirements were introduced by the CBN on March 28, 2024, which raised the minimum capital base for commercial banks with international licences to ₦500 billion. This prompted several financial institutions to launch fundraising initiatives, including share and bond issuances.
Notable examples include Zenith Bank, which raised ₦350.46 billion through a rights issue and public offer, and Guaranty Trust Holding Company Plc (GTCO), which successfully priced an offering on the London Stock Exchange in July.
Compliance has improved steadily throughout the year. In July, eight banks had met the requirements, a number that grew to 14 by September before reaching the current total of 16.
The CBN continues to monitor the recapitalisation process closely as it advances toward its conclusion.
