No fewer than fourteen Nigerian commercial banks are still to meet the Central Bank of Nigeria’s (CBN) recapitalisation requirement as the March 31, 2026 deadline approaches.
This comes after CBN Governor, Olayemi Cardoso, announced on Tuesday that sixteen banks have already complied with the apex bank’s recapitalisation directive.
Speaking after the 303rd Monetary Policy Committee (MPC) meeting in Abuja, Cardoso noted that the development reflects financial soundness within the country’s banking sector.
He stated, “The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds. We also acknowledge the substantial progress in the ongoing recapitalisation programme, with sixteen banks achieving full compliance with the revised capital requirements.”
The governor urged the CBN to ensure the successful implementation and conclusion of the programme.
Also, he highlighted its importance for overall domestic financial stability.
The recent update means that two additional banks joined the list of compliant banks in the last two months.
Previously, during the 302nd MPC meeting, Cardoso had reported that only fourteen banks had met the recapitalisation requirement.
CBN records as of 2024 indicate that Nigeria has thirteen commercial banks, five merchant banks, and seven financial holdings companies.
Reports also show that Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, Stanbic IBTC, among others, have already met the recapitalisation threshold.
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As per the CBN directive in March, commercial banks with international authorisation are required to raise their capital base to ₦500 billion, while those with national licences must reach ₦200 billion.
