The deadline for the Central Bank of Nigeria’s recapitalisation programme is fast approaching, and 14 commercial banks have yet to meet the required capital base. In the latest update, CBN Governor Olayemi Cardoso announced that 16 banks have now achieved full compliance with the revised capital requirements, reflecting the overall financial soundness of the country’s banking system.
Cardoso made the announcement after the bank’s 303rd Monetary Policy Committee (MPC) meeting in Abuja. He noted that the committee observed sustained resilience in the banking sector, with most financial‑soundness indicators remaining within regulatory thresholds. The MPC urged the CBN to ensure the successful implementation and conclusion of the recapitalisation programme.
In the past two months, two additional banks have joined the list of compliant institutions, bringing the total to 16. This follows the 302nd MPC meeting, where Cardoso reported that only 14 banks had met the recapitalisation requirement at that time. As of 2024, Nigeria’s banking landscape comprised 13 commercial banks, five merchant banks, and seven financial holdings companies. Prominent banks such as Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC have already satisfied the CBN’s recapitalisation mandate.
In March, the CBN directed commercial banks with international authorisation to raise their capital base to N500 billion, while those holding national licences must increase it to N200 billion. With the 31 March 2026 deadline looming, the 14 non‑compliant banks must act swiftly to meet the required capital levels. The successful implementation of the recapitalisation programme is essential for maintaining the financial stability of Nigeria’s banking system, and the CBN is expected to continue closely monitoring progress to ensure all banks adhere to the revised requirements.
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