30 banks meet new capital requirements — CBN
CBN Headquarters
Abdullateef Fowewe
The Central Bank of Nigeria (CBN) has provided an update on the ongoing banking sector recapitalisation programme launched in 2024, confirming strong progress as of March 6.
In a statement issued on Saturday by Hakama Sidi Ali, Ag. Director of Corporate Communications, the CBN highlighted the policy’s success in bolstering the financial system’s resilience.
“The Central Bank of Nigeria (CBN) introduced a recapitalisation programme 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 statement noted.
It added that “since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.”
Key milestones include 30 banks fully meeting the new minimum capital requirements for their licence categories.
Overall, 33 banks have raised fresh capital via rights issues, initial public offerings (IPOs), and private placements.
The remaining banks’ positions are under CBN verification, with final compliance confirmations expected within the programme’s timeline.
The statement reassured the public, “The CBN reiterates that the Nigerian banking system remains stable and sound.
“The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”
The CBN pledged continued oversight, stating it “will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.”
