Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, yesterday announced that 20 banks have fully met the new minimum capital requirements set by the apex bank, while 13 others are on course to meet the threshold ahead of the March 31 deadline.
Cardoso disclosed this in Abuja after the 304th meeting of the Monetary Policy Committee (MPC), where he provided the latest progress report on the ongoing bank recapitalisation exercise.
He expressed confidence that the process is advancing steadily and would be completed within the stipulated timeframe.
“To date, 20 banks have fully met the new minimum capital requirements, and a further 13 are at the advanced stage of their capital-raising processes,” he said.
According to him, some other institutions are still finalising their plans and evaluating a range of strategic options, which may include consolidation where appropriate.
Cardoso revealed that as of February 19, the total verified and approved capital raised by banks stood at N4.05 trillion. Of this amount, N2.90 trillion, representing 71.6 per cent, was mobilised domestically, while $706.84 million—equivalent to N1.15 trillion or 28.33 per cent—came from foreign investors.
“In summary, 71.67 per cent is domestic mobilisation, and 28.33 per cent is foreign participation. This balance represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” he said.
The CBN governor noted that the recapitalisation initiative is aimed at strengthening the resilience of Nigeria’s banking sector, enhancing its capacity to support economic growth, and positioning financial institutions to compete effectively in both regional and global markets.
He reaffirmed the apex bank’s commitment to maintaining financial system stability, adding that the recapitalisation process reflects growing investor confidence in Nigeria’s banking industry.
