Twenty of Nigeria’s 33 banks have met the new minimum capital requirements, raising a total of N4.05 trillion (about US$12.5 billion) ahead of the 31 March deadline, the Central Bank of Nigeria said.
Governor Olayemi Cardoso announced the development at the conclusion of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, noting it reflects growing investor confidence in the Nigerian banking sector.
The recapitalisation exercise stems from a policy introduced in March 2024, requiring banks to raise their capital base within 24 months. The compliance period runs from 1 April 2024 to 31 March 2026.
Cardoso said meeting the new minimum capital requirement “reaffirms steady progress towards a more robust and well-capitalised financial system” and urged banks to ensure successful completion of the exercise to reinforce sector resilience and support sustainable economic growth.
Of the N4.05 trillion raised, N2.90 trillion (US$8.95 billion), or 71.6 percent, was mobilised domestically, while US$706.84 million (N1.15 trillion / 28.3 percent) came from foreign investors. The mix of domestic and foreign investment highlights broad market participation and continued international interest in the sector, he added.
Cardoso said that the remaining 13 banks are at advanced stages of capital mobilisation and are expected to meet the requirements within the stipulated time. He also noted that certain financial institutions under regulatory intervention will be exempt from the strict recapitalisation deadlines, depending on legal and structural considerations.
“The strategic importance of this exercise cannot be overstated,” the governor said. “It strengthens financial system resilience, enhances banks’ capacity to support sustainable growth, and signals strong investor confidence both at home and abroad.”
Analysts said the successful recapitalisation reflects Nigeria’s banking sector becoming more competitive, better capitalised, and more resilient to shocks, while attracting significant foreign investment.
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The Central Bank of Nigeria (CBN) has long prioritised a strong and well-capitalised banking sector as a cornerstone of financial stability. In March 2024, it introduced a revised recapitalisation policy requiring Nigerian banks to raise their capital base within 24 months, with a deadline of 31 March 2026. The move aims to strengthen banks’ resilience, improve lending capacity, and align the sector with international best practices.
Prior to the policy, several Nigerian banks had faced capital constraints that limited their ability to expand lending and absorb shocks from economic volatility. Regulatory authorities argued that increasing minimum capital requirements would make banks more robust, encourage investor confidence, and support sustainable economic growth.
The recapitalisation process has attracted a mix of domestic and foreign investment. As of February 2026, 20 banks have fully met the requirements, raising N4.05 trillion (about US$12.5 billion), while 13 others are at advanced stages of meeting the target. About 28 percent of the total capital raised has come from foreign investors, demonstrating international confidence in the Nigerian banking sector.
The CBN governor, Olayemi Cardoso, has emphasised that completing the exercise will reinforce financial system resilience, enable banks to support economic growth, and maintain market stability. Certain institutions under regulatory intervention are exempt from the tight deadlines, depending on their legal and operational status.
The Nigerian banking sector remains a key driver of economic activity, providing credit to households, businesses, and critical sectors such as agriculture, manufacturing, and energy. The successful recapitalisation is seen as a positive step towards a stronger, more competitive, and internationally attractive banking industry.
