Eight banks have successfully met the new minimum capital requirements stipulated for their licenses, the Central Bank of Nigeria (CBN) confirmed yesterday.
Banks started raising funds last year to meet the CBN’s recapitalization requirement which has a March 2026 deadline.
Speaking at a news conference in Abuja at the conclusion of the two-day Monetary Policy Committee (MPC) meeting, Governor of CBN, Olayemi Cardoso, said many banks had made significant progress in strengthening their capital base to align with the new regulatory threshold.
“The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline,” Cardoso said.
Under the ongoing recapitalisation programme launched in March 2024, the apex bank adopted a distinctive definition of minimum capital base, in addition of paid up share capital and share premium, excluding other reserves and retained profits.
The distinctive definition implied that nearly all banks have to raise new capital, despite the fact that most banks have shareholders’ funds in excess of the minimum capital base.
Particularly, commercial banks with international licenses are required to have minimum share capital and share premium of N500 billion, while others with national banking licenses are required to have minimum share capital and share premium of N200 billion by the deadline of March 31, 2026.
The initial fund raising by banks had recorded huge success with most offers oversubscribed. Banks raised more than N2 trillion in 2024.
With less than nine months to the March 31, 2026 deadline, many banks are preparing to raise new capital, including some tier-1 banks that had participated in the 2024 round and were looking to close the remaining gap before the end of fourth quarter 2025.
The CBN said the recapitalisation policy was designed to ensure financial system stability, strengthen banks’ capacity to finance large-scale economic projects, and align with global standards of risk-based supervision.
Cardoso explained that the ongoing recapitalisation initiative is helping to reinforce the sector’s resilience, with key Financial Soundness Indicators (FSIs) showing sustained stability.