The Central Bank of Nigeria (CBN) has confirmed that 30 banks have met the minimum capital requirements ahead of the March 31, 2026 deadline. The update was disclosed by the bank’s spokesperson, Hakama Ali-Sidi, in a statement on Friday.
According to the apex bank, a total of 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the ongoing recapitalization exercise. Of these, three banks are yet to have their capital positions fully verified, but the CBN said they are undergoing routine checks ahead of final confirmation of compliance.
“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective license authorizations,” the bank stated.
The CBN emphasized that it will maintain close supervisory engagement with all regulated institutions to ensure full compliance with prudential and capital requirements.
This update reflects significant progress since the CBN’s February 24 monetary policy briefing, when Governor Olayemi Cardoso noted that only 20 out of 33 banks had met the minimum capital threshold. In just under two weeks, an additional ten banks have brought their capital levels into compliance.
The recapitalization program follows the CBN’s announcement in March 2024 of revised minimum capital requirements for banks, with a compliance deadline set for March 31, 2026.