The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that 27 banks have accessed the market to raise additional funds since the inauguration of the latest recapitalisation exercise.
Cardoso disclosed this at the 60th Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria on Friday.
Nigerian banks have been raising funds to meet the fresh capital thresholds set for them by the CBN, which in March 2024 directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.
The CBN also ordered commercial banks with regional authorisation to achieve a N50bn capital floor, while non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively, with a March 2026 deadline.
Speaking at the event, Cardoso said, “With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline. To date, twenty-seven banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements — a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector.”
“As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year.”
He added, “Our decisive actions on regulatory forbearance mark another turning point. As recapitalisation progresses, we are redesigning the credit-risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector.”
