Thirteen Nigerian banks have not yet satisfied new capital requirements set by the Central Bank of Nigeria (CBN), with a key March 31, 2026 deadline approaching. The disclosure was made by CBN Governor Olayemi Cardoso following the Monetary Policy Committee’s 304th meeting in Abuja on Tuesday.
According to the Governor, out of the 33 banks operating in the country, only 20 have successfully raised additional capital to meet the heightened minimum capital thresholds introduced by the regulator. He stated that the MPC acknowledged the banking sector’s resilience but urged all institutions to expedite the completion of the recapitalization program.
“Members acknowledged the continued resilience of the banking sector,” Cardoso said, quoting the committee’s remarks. “With regards to the ongoing recapitalization programme, the committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirements, reaffirming steady progress to a reboosted and recapitalized financial system.”
The recapitalization directive was announced by the CBN in March 2024, mandating all commercial banks to significantly increase their capital base by the end of March 2026. The policy aims to strengthen the financial system, enhance banks’ capacity to support large-scale economic projects, and align with international best practices following years of economic challenges and currency volatility.
The requirement varies by bank type, with national commercial banks needing a minimum of ₦200 billion, up from ₦25 billion, while international banks must maintain ₦500 billion. Merchant banks and non-interest banks also face substantially higher thresholds.
The CBN has consistently described the programme as critical for ensuring a robust and stable banking sector capable of driving Nigeria’s economic growth. For the thirteen banks still non-compliant, the remaining timeframe presents a final opportunity to secure the necessary capital, either through fresh equity, mergers, or acquisitions. The outcomes will likely reshape the competitive landscape of Nigeria’s banking industry ahead of the deadline.
Failure to meet the requirement could result in sanctions, including restrictions on operations or potential revocation of licenses, underscoring the high stakes of the CBN’s directive. The central bank’s update signals ongoing regulatory pressure to finalize the sector’s transformation before the mid-2026 cutoff.
