13 banks battle to meet recapitalisation deadline

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says 13 banks are still working to meet the March 31, 2026 recapitalisation deadline as the sector moves toward compliance with new capital thresholds.

Speaking at the 304th Monetary Policy Committee briefing in Abuja, Cardoso said the affected institutions are at advanced stages of their capital-raising processes and are exploring various options, including mergers and consolidation, to meet regulatory requirements.

He explained that some banks are finalising strategic plans influenced by legal and structural considerations, particularly those currently under regulatory intervention.

The CBN governor noted that the apex bank remains engaged with stakeholders to ensure orderly outcomes, while maintaining financial stability across the sector. He reassured depositors that funds in the affected institutions remain secure and that operations continue under strict oversight.

Cardoso expressed optimism that the remaining banks would achieve substantial compliance before the cut-off date, given the current pace of capital mobilisation.