By Muhammad Mamman
The head of Central Bank of Nigeria (CBN), Olayemi Cardoso, revealed on Tuesday that 27 Nigerian banks have tapped the market to raise additional capital under the current recapitalisation drive.
Speaking at the conclusion of the bank’s latest Monetary Policy Committee (MPC) meeting in Abuja, Cardoso noted that while 16 of those banks have already met the minimum capital requirements, others are drawing down fresh funds by issuing shares or other instruments.
The recapitalisation — announced in March 2024 and set to run until March 2026 — requires commercial banks with international, national and regional licences to raise minimum capital of N500 billion, N200 billion and N50 billion respectively; merchant and non-interest banks also have raised baselines.
Cardoso emphasised that the capital boost is critical for building a “resilient, competitive banking sector” capable of supporting large-scale investments, financing micro, small and medium enterprises (MSMEs), and ultimately helping Nigeria reach a $1 trillion economy.
The CBN governor reassured depositors and stakeholders that, despite the shake-up, financial-soundness indicators such as liquidity and non-performing loan ratios remain within regulatory thresholds — a sign, he said, that the banking sector remains “safe and stable.”
