CBN Confirms 30 Banks Meet New Capital Requirement as Three Await Verification
Nigeria’s banking sector recapitalisation programme has recorded significant progress, with the Central Bank of Nigeria (CBN) confirming that 30 banks have successfully met the new minimum capital requirements introduced as part of its ongoing reform of the financial system. However, the apex bank disclosed that three other lenders are still undergoing regulatory verification before their compliance can be fully confirmed.
The update was provided in a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, who noted that the recapitalisation exercise, launched in 2024, continues to advance steadily as banks strengthen their capital positions ahead of the regulatory deadline. According to the regulator, the exercise is designed to enhance the resilience, stability, and capacity of Nigeria’s banking sector to support economic growth and financial system stability.
The CBN revealed that a total of 33 banks have successfully raised fresh capital through various funding channels, including rights issues, initial public offerings (IPOs), and private placements, as part of efforts to comply with the revised capital thresholds. Out of this number, 30 banks have already met the required minimum capital levels applicable to their operating licences, demonstrating substantial industry compliance with the new regulatory framework.
According to the apex bank, the capital positions of the remaining banks are currently undergoing routine verification by regulators. This verification process is part of the CBN’s supervisory procedures aimed at ensuring that funds raised by banks meet regulatory standards and can be formally recognized as part of their capital base. The regulator explained that the process must be completed before final confirmation of compliance within the recapitalisation timeline.
The banking sector recapitalisation programme was introduced in March 2024 as part of broader reforms intended to strengthen the financial system and position Nigerian banks to support large-scale economic activities. Under the revised framework, banks are required to raise fresh capital based on the category of licence they hold, with significantly higher minimum capital thresholds compared with previous requirements.
Industry analysts say the initiative is expected to produce stronger and more resilient financial institutions capable of financing major investments in infrastructure, industry, and commerce. The exercise has also triggered increased activity in Nigeria’s capital market as banks approach investors through public offers and private placements to boost their capital buffers.
The steady progress recorded so far suggests that most financial institutions are successfully aligning with the new regulatory standards, marking a significant milestone in the country’s effort to build a stronger banking sector capable of supporting long-term economic development.
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