The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the country’s banking sector recapitalisation programme is progressing in line with the regulatory timetable, with momentum increasing ahead of the March 31, 2026 deadline.
Cardoso made the disclosure on Tuesday at the end of the bank’s 304th Monetary Policy Committee media briefing in Abuja, noting that 20 banks have fully met the new minimum capital requirements, while 13 others are at advanced stages of raising funds and are expected to complete the process within the stipulated timeframe.
According to him, institutions still finalising their strategies are exploring multiple options, including consolidation, to ensure compliance before the deadline. He added that as of February 19, 2026, the total verified and approved capital raised under the programme stood at ₦4.05 trillion.
Cardoso explained that ₦2.90 trillion, representing about 71.7 per cent, was mobilised locally, while foreign participation accounted for $706.84 million — roughly ₦1.15 trillion — indicating growing investor confidence and broad market engagement.
The governor also addressed the situation of banks under regulatory intervention, stating that legal and structural considerations influence the sequence of recapitalisation measures. He said the apex bank is working closely with stakeholders to ensure orderly outcomes while safeguarding financial stability.
Cardoso reassured depositors that funds in affected institutions remain secure and that operations continue under strict regulatory supervision.
He expressed optimism that the majority of banks would meet the new capital thresholds by the cut-off date, given the pace of compliance and ongoing capital-raising activities.
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Under the recapitalisation framework, minimum capital requirements are set at ₦500 billion for commercial banks with international licences, ₦200 billion for those with national authorisation, and ₦50 billion for regional commercial banks and merchant banks.
Non-interest banks are required to maintain minimum capital of ₦20 billion at the national level and ₦10 billion for regional operations.
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