The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the ongoing banking sector recapitalisation programme is progressing in line with the approved regulatory timetable as the March 31, 2026 deadline approaches.
Cardoso disclosed this at the close of the 304th Monetary Policy Committee media briefing held in Abuja on February 24, 2026.
According to the CBN governor, 20 banks have already met the new minimum capital requirements, while 13 others are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated timeframe.
He noted that banks still finalising their plans are exploring various strategic options, including consolidation where necessary, in order to meet the regulatory requirements before the deadline.
Cardoso also revealed that as of February 19, 2026, the total verified and approved capital raised under the recapitalisation programme stood at ₦4.05 trillion.
Providing a breakdown of the funds raised, he said ₦2.90 trillion, representing 71.67 per cent, was mobilised domestically, while $706.84 million, estimated at ₦1.15 trillion or 28.33 per cent, came from foreign investors.
He added that the mix of domestic and international participation reflects growing investor confidence in Nigeria’s banking sector.
The CBN governor further addressed the status of financial institutions currently under regulatory intervention, explaining that legal and structural considerations would determine the sequence of recapitalisation actions for those banks.
He assured stakeholders that the apex bank remains actively engaged with relevant parties to ensure orderly outcomes while safeguarding financial stability.
Cardoso also reassured depositors that funds in affected institutions remain safe and that operations continue under strict regulatory supervision.
Based on the current pace of compliance and ongoing capital-raising activities, he expressed optimism that most banks would meet the new capital requirements before the deadline.
Under the recapitalisation framework introduced by the CBN, minimum capital thresholds have been set at ₦500 billion for commercial banks with international authorisation, ₦200 billion for national commercial banks, and ₦50 billion for regional commercial banks and merchant banks. Non-interest banks are required to maintain ₦20 billion for national operations and ₦10 billion for regional operations.
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