Four weeks before the March 31, 2026, deadline, the Central Bank of Nigeria announced that 20 out of 33 participating banks have met the new minimum capital requirement under its sweeping recapitalisation programme.
Governor Olayemi Cardoso disclosed on Tuesday that banks have so far raised a verified and approved total of N4.05 trillion, marking a major step in efforts to reinforce the strength and stability of the country’s financial system.
Speaking at the end of a two-day meeting of the Monetary Policy Committee in Abuja, Cardoso said the committee welcomed the strong progress recorded so far.
According to him, most financial soundness indicators in the banking sector remain within regulatory thresholds, reflecting continued resilience.
Of the N4.05 trillion raised as of February 19, 2026, N2.90 trillion, representing 71.67 per cent, came from domestic sources.
According to a BusinessDay report, foreign participation accounted for $706.84 million, equivalent to N1.15 trillion, or 28.33 per cent of the total.
The CBN governor described the balance between local and foreign inflows as a sign of broad investor confidence. He noted that interest from international investors had been evident in previous engagements abroad and expressed satisfaction that this interest has translated into tangible commitments.
While 20 institutions have crossed the new capital threshold, 13 banks are still working to complete their recapitalisation plans before the deadline.
Some of these lenders are exploring strategic options, including potential mergers or other forms of consolidation.
Cardoso explained that banks currently under regulatory intervention face legal and structural considerations that may affect the timing and sequencing of their capital-raising efforts.
Punch reported that Cardoso stressed that it would be unrealistic to expect them to follow the same timeline as institutions that had more than two years to prepare.
Despite these differences, the governor reassured the public that depositors’ funds remain safe.
He said affected banks continue to operate under close supervisory and regulatory oversight to safeguard stability.
Cardoso reiterated that the March 31 deadline is non-negotiable. He said the CBN remains fully engaged with stakeholders to ensure the process concludes in an orderly, transparent and credible manner.
According to him, the central bank will continue to monitor progress closely and enforce regulatory standards to preserve the stability and integrity of the banking system.
With just weeks left, attention now turns to the remaining banks and whether they can close the gap in time. For the majority that have already met the target, the milestone signals a new phase in Nigeria’s banking reforms and a stronger foundation for the years ahead.
