…meet new minimum capital requirements as apex bank gives update
Central Bank of Nigeria says 30 banks have met its minimum capital requirements ahead of the March 31 deadline.
CBN spokesperson, Hakama Ali-Sidi disclosed this in an update statement on Friday.
The apex bank said 33 banks have been able to raise additional capital through rights issues and initial public offerings (IPOs).
This means that as of Friday, at least three banks have yet to meet the minimum capital requirements, but their capital position is currently undergoing a routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.
CBN noted that the recapitalisation programme is progressing steadily.
The statement read, “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisation.
“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.”
CBN Governor, Olayemi Cardoso, had in the apex bank’s 304th Monetary Policy Committee briefing, stated that 20 banks out of 33 have met capital requirements, meaning that from February 24th to March 6th, an additional ten banks met their various minimum capital requirements.
In March 2024, the CBN announced new capital requirements for banks with March 31, 2026, as the deadline.
