30 banks have met minimum capital requirements, the CBN said

Ahead of the recapitalization deadline of March 31, 2026, the Central Bank of Nigeria (CBN) revealed that 30 banks have met the minimum capital requirements.

On March 28, 2024, the apex bank announced an increase in the minimum capital requirements of banks.

Under the recapitalization framework, international commercial banks must have ₦500 billion, national banks ₦200 billion, regional banks ₦50 billion, while non-interest banks must have ₦20 billion (national) or ₦10 billion (regional).

Banks have implemented several methods including rights issues, Initial Public Offerings (IPOs), and private placements to raise the required capital.

Banks have until March 31, 2026 to comply with the requirements.

In a statement on Friday, Hakama Sidi Ali, Acting Director of Corporate Communications, CBN said 33 banks had raised capital through rights issues, initial public offerings (IPOs) and private placements as part of the program.

ALSO READ: VeryDarkMan slams actress Tonto Dikeh over viral school ‘liberation’ video

“The Central Bank of Nigeria (CBN) is introducing a capitalization program for the banking sector in 2024 to strengthen the resilience, stability and long-term capacity of the financial system to support Nigeria’s economic development,” the apex bank said.

“Since the enactment of this policy, banks across the industry have taken steps to strengthen their capital base in line with revised regulatory requirements.

“As of March 6, 2026, the recapitalization process is progressing stably. Thirty (30) banks have met the new minimum capital requirements applicable to their respective license permits.

“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of this program.”

The CBN said the capital positions of the remaining banks are currently undergoing the regulator’s routine verification process before final confirmation of compliance within the recapitalization deadline.

“The CBN reiterates that Nigeria’s banking system remains stable and healthy. The recapitalization program remains on track and will further strengthen the banking sector’s capacity to support households, businesses and sustainable economic growth,” the apex bank said.

“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.”