The Central Bank of Nigeria (CBN) has revealed that 13 commercial banks are yet to meet the new minimum capital requirements set under its ongoing recapitalization program, with the March 31, 2026 deadline fast approaching.
CBN Governor Olayemi Cardoso disclosed this on Tuesday during a press briefing following the conclusion of the bank’s 304th Monetary Policy Committee (MPC) meeting. According to him, out of the 33 banks participating in the recapitalization exercise, only 20 have successfully met the new capital thresholds.
Despite the shortfall, the apex bank expressed confidence in the resilience of Nigeria’s banking sector and noted steady progress toward strengthening financial institutions.
“Members acknowledged the continued resilience of the banking sector,” Cardoso said. “With regards to the ongoing recapitalization program, the committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirements, reaffirming steady progress to a reboosted and recapitalized financial system.”
The recapitalization initiative, announced in March 2024, is part of the CBN’s broader effort to strengthen banks’ financial capacity, enhance stability, and position the sector to support Nigeria’s economic growth. Banks were given until March 31, 2026, to comply with the revised capital requirements.
Financial analysts say the recapitalization program is expected to improve banks’ ability to absorb economic shocks, finance large-scale investments, and boost investor confidence in Nigeria’s financial system.
As the deadline approaches, attention is now focused on the remaining banks yet to meet the requirement, with possible outcomes including mergers, acquisitions, or fresh capital injections to ensure compliance.
