Abuja, Nigeria – February 26, 2026 – The Central Bank of Nigeria (CBN) has announced significant progress in its banking sector recapitalisation programme, with 20 banks fully meeting the new minimum capital requirements and 13 others at advanced stages of compliance as the March 31, 2026 deadline approaches.
Governor Olayemi Cardoso disclosed this on Tuesday, February 24, 2026, at the close of the 304th Monetary Policy Committee (MPC) media briefing, providing a comprehensive update on the exercise aimed at strengthening the resilience and capacity of Nigeria’s financial institutions.
Recapitalisation Progress: By the Numbers
According to Governor Cardoso, the recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the deadline nears.
| Metric | Value |
| Banks Fully Compliant | 20 |
| Banks at Advanced Stages | 13 |
| Total Capital Raised | ₦4.05 trillion |
| Domestic Capital Raised | ₦2.90 trillion (71.67%) |
| Foreign Capital Raised | $706.84 million (₦1.15 trillion / 28.33%) |
He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe.
Strong Investor Confidence: Domestic and Foreign Participation
As of February 19, 2026, the total verified and approved capital raised under the programme stood at ₦4.05 trillion. Governor Cardoso provided a breakdown showing that ₦2.90 trillion (representing 71.67%) was mobilised domestically, while US$706.84 million, estimated at ₦1.15 trillion (28.33%), reflected foreign participation.
According to the Governor, this balanced mix signals broad investor engagement and growing confidence in the sector. The significant domestic contribution demonstrates local investors’ faith in Nigeria’s banking industry, while the substantial foreign participation indicates continued international interest in the country’s financial services landscape.
Institutions Under Regulatory Intervention
Governor Cardoso also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.
He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.
Optimism for Full Compliance
Based on the current pace of compliance and ongoing capital-raising activity, Governor Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
“We are encouraged by the progress made so far and the commitment demonstrated by banks to meet the new requirements,” Cardoso stated. “The significant capital already raised, coupled with the strong pipeline of ongoing activities, positions the sector for a successful transition.”
Minimum Capital Requirements by Bank Category
Under the CBN framework, minimum capital thresholds vary by bank category and authorisation level:
| Bank Category | Minimum Capital Requirement |
| Commercial Banks (International Authorisation) | ₦500 billion |
| Commercial Banks (National Authorisation) | ₦200 billion |
| Commercial Banks (Regional Authorisation) | ₦50 billion |
| Merchant Banks | ₦50 billion |
| Non-Interest Banks (National Authorisation) | ₦20 billion |
| Non-Interest Banks (Regional Authorisation) | ₦10 billion |
Strategic Importance of Recapitalisation
The recapitalisation programme is designed to enhance the capacity of Nigerian banks to support larger transactions, expand lending to the real economy, and compete effectively on the continental and global stage. By strengthening capital bases, the CBN aims to ensure that financial institutions remain resilient against economic shocks and capable of driving sustainable growth.
With the March 31 deadline now just weeks away, all eyes will be on the remaining 13 banks at advanced stages of compliance to see if they can complete their capital-raising efforts in time. The CBN has indicated that it will continue to monitor progress closely and provide regulatory support where appropriate to ensure an orderly transition.
For depositors and investors, the successful implementation of the recapitalisation programme promises a stronger, more resilient banking sector capable of supporting Nigeria’s economic transformation agenda.
