Nigeria’s central bank said 30 lenders have met its new capital requirements threshold ahead of a March deadline

Nigeria’s central bank said 30 lenders have met its new capital requirements threshold ahead of a March deadline

Nigeria’s Central Bank of Nigeria (CBN) reported that 30 banks have met the new minimum capital requirements under its 2024 recapitalization program, surpassing the March 31 deadline. As of March 6, 2026, 33 banks have raised capital through rights issues, initial public offerings (IPOs), and private placements to comply with revised thresholds tied to their licensing categories. The CBN emphasized that the initiative aims to enhance financial stability, strengthen resilience against economic shocks, and improve credit intermediation for economic growth.

The recapitalization drive, which raised minimum capital requirements 10-fold for lenders, addresses risks from high inflation, a weak economy, and naira depreciation. While 30 banks have fully met the criteria, three institutions remain under regulatory verification to confirm compliance. The CBN stated that the process aligns with prudential standards and ensures funds raised meet regulatory requirements.

The program is considered one of the most significant reforms since the 2004 banking sector consolidation, with banks restructuring balance sheets and engaging domestic and international investors to meet targets. The CBN reiterated that Nigeria’s banking system remains stable, with stronger capital buffers expected to boost lending to critical sectors, infrastructure, and small businesses. The regulator will maintain close oversight to ensure adherence to capital adequacy norms throughout the implementation period.