The Central Bank of Nigeria says 30 banks have, as of March 2026, met its minimum capital requirements ahead of the March 31 deadline.
The spokesperson of the apex bank, Hakama Ali-Sidi made the disclosure in an update statement on Friday.
According to CBN, 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 recapitalization timeline.
The apex bank noted that the recapitalization program is progressing steadily.
“As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30)
banks have met the new minimum capital requirements applicable to their respective license authorizations.
“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the program.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the apex bank stated.
Recall that CBN governor, Olayemi Cardoso, in its 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.
Recall that in March 2024, the CBN announced new capital requirements for banks with March 31, 2026, as the deadline.