Nigeria’s banking sector has recorded further progress in its recapitalisation drive, with 16 banks now fully meeting the Central Bank of Nigeria’s (CBN) revised regulatory capital requirements. CBN Governor Olayemi Cardoso announced the update on Tuesday at a press briefing following the 303rd Monetary Policy Committee (MPC) meeting in Abuja.
Cardoso said the MPC was encouraged by the continued resilience of the banking system, noting that key financial stability indicators remain within acceptable regulatory thresholds. He added that the ongoing recapitalisation programme—introduced to strengthen the sector’s capacity to withstand shocks and support long-term economic growth—is advancing steadily.
“Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements,” he said. The committee, he noted, urged the central bank to ensure a smooth and timely completion of the programme.
The recapitalisation effort has spurred banks to raise new funds through various instruments and corporate actions. Cardoso said 27 banks have so far raised capital through different mechanisms, with 16 of them already meeting full compliance standards. “We are monitoring the developments and from every indication, it is going in the right trajectory,” he added.
The CBN governor said the broader goal is to build a financial system “fit for purpose,” one capable of maintaining strong buffers while supporting the Nigerian economy at home and across the continent. Many Nigerian banks, he noted, operate in multiple African markets, and stronger capital positions will help them better manage cross-border risks and enhance support for Nigerian businesses operating abroad.
The recapitalisation push began in March 2024, when the CBN raised minimum capital requirements—setting N500 billion as the new threshold for commercial banks with international licences. Since then, several lenders have embarked on aggressive capital-raising plans. Zenith Bank, for instance, announced in January that it had secured N350.46 billion through a combination of rights issues and public offerings. Guaranty Trust Holding Company Plc (GTCO) also completed a fully marketed offering on the London Stock Exchange in July.
Progress has been gradual but consistent. In July, eight banks had met the new requirements; by September, the figure had risen to 14. With 16 now fully compliant, the CBN says it remains confident that the programme is moving toward a successful conclusion.