The Central Bank of Nigeria’s recapitalisation deadline is approaching, with 14 commercial banks yet to meet the required capital base. According to CBN Governor Olayemi Cardoso, 16 banks have already achieved full compliance with the revised capital requirements, indicating financial soundness in the country’s banking system.

This development was announced after the bank’s 303rd Monetary Policy Committee meeting in Abuja, where Cardoso stated that the committee noted the sustained resilience of the banking system, with most financial soundness indicators within regulatory thresholds. The MPC urged the bank to ensure a successful implementation and conclusion of the recapitalisation programme.

In the last two months, two additional banks have been added to the list of compliant banks, bringing the total to 16. Previously, in the 302nd MPC meeting, Cardoso announced that only 14 banks had met the recapitalisation requirement. As of 2024, Nigeria had 13 commercial banks, five merchant banks, and seven financial holdings companies.

Several prominent banks, including Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC, have already met the CBN’s recapitalisation requirement. In March, the CBN directed commercial banks with international authorisation to increase their capital base to N500 billion, while those with national licences must raise to N200 billion.

With the 31st March 2026 deadline looming, the 14 non-compliant banks must take swift action to meet the required capital base. The successful implementation of the recapitalisation programme is crucial for the financial stability of Nigeria’s banking system. As the deadline approaches, the CBN will likely continue to monitor the situation closely, ensuring that all banks adhere to the revised capital requirements.