Bank Recapitalisation Drive Gathers Momentum as Deadline Approaches – Cardoso
Oru Leonard
ABUJA — The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has affirmed that Nigeria’s banking sector recapitalisation exercise remains firmly on track, with compliance efforts intensifying ahead of the March 31, 2026 deadline.
Addressing journalists at the conclusion of the 304th Monetary Policy Committee (MPC) briefing on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks have already satisfied the revised minimum capital requirements. An additional 13 institutions, he noted, are in advanced stages of their capital-raising programmes and are expected to complete the process within the regulatory timeline.
According to the CBN governor, banks still working toward compliance are exploring diverse strategic pathways, including mergers and other consolidation arrangements where appropriate, to ensure they meet the stipulated benchmarks before the deadline.
Providing an update on capital inflows, Cardoso revealed that as of February 19, 2026, total verified and approved funds raised under the recapitalisation scheme stood at ₦4.05 trillion. Of this amount, ₦2.90 trillion — representing 71.67 percent — was sourced domestically, while foreign investors contributed US$706.84 million, equivalent to approximately ₦1.15 trillion, accounting for 28.33 percent.
He described the domestic and foreign capital mix as evidence of strong investor confidence and sustained interest in Nigeria’s banking industry.
Cardoso also addressed concerns regarding banks currently under regulatory intervention, explaining that legal and structural considerations determine the sequencing of recapitalisation actions in such cases. He assured stakeholders that the apex bank is working closely with relevant parties to guarantee transparent and orderly resolutions without jeopardising financial system stability.
Reassuring depositors, the governor emphasised that customer funds in affected institutions remain protected and that such banks continue to operate under strict regulatory supervision.
Expressing confidence in the progress recorded so far, Cardoso projected that a significant majority of banks would meet the new capital thresholds by the March 31, 2026 cut-off date.
Under the CBN’s recapitalisation framework, minimum capital requirements are set at ₦500 billion for commercial banks with international licences, ₦200 billion for those with national authorisation, ₦50 billion for regional commercial and merchant banks, and ₦20 billion and ₦10 billion for national and regional non-interest banks, respectively.
