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By Godswill Michael
The Central Bank of Nigeria (CBN) on Wednesday announced that Nigerian banks have met the recapitalisation deadline, raising a total of ₦4.65trn to strengthen the resilience of the country’s financial system.
In a press statement, the apex bank said the successful conclusion of the programme, which commenced in March 2024, underscores improved investor confidence and positions the banking sector to better support economic growth.
“The Central Bank of Nigeria (CBN) announces the successful conclusion of the banking sector recapitalisation programme initiated in March 2024. Over the 24-month period, Nigerian banks raised a total of ₦4.65trn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement read.
The CBN disclosed that the exercise recorded strong participation from both domestic and international investors, with 72.55 per cent of the capital sourced locally, while 27.45 per cent came from foreign markets.
CBN Governor Olayemi Cardoso said the programme has significantly bolstered the strength of Nigerian banks.
“The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks,” Cardoso said.
According to the apex bank, 33 banks have met the revised minimum capital requirements, while a limited number of institutions remain subject to ongoing regulatory and judicial processes being addressed through established supervisory frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers,” the CBN added.
The regulator noted that the programme has improved capital adequacy ratios across the sector, with banks maintaining levels above international Basel benchmarks. It added that minimum capital adequacy ratios remain 10 per cent for regional and national banks and 15 per cent for banks with international authorisation.
The CBN also stated that the recapitalisation exercise, implemented alongside an orderly exit from regulatory forbearance, has enhanced asset quality, strengthened balance sheet transparency, and reinforced overall financial system stability.
To sustain the gains, the apex bank said it has strengthened its risk-based supervision framework, requiring banks to conduct regular stress testing and maintain adequate capital buffers.
“The recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process,” the statement added.
It noted that the completion of the exercise has established a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand both domestic and global shocks.
The recapitalisation programme was introduced by the CBN in March 2024 as part of broader reforms aimed at aligning the banking sector with Nigeria’s economic ambitions and improving shock absorption capacity amid macroeconomic volatility.
Under the policy, banks were required to meet new minimum capital thresholds based on their licence categories.
Commercial banks with international authorisation were mandated to raise their minimum capital base to ₦500bn, while national banks were required to meet ₦200bn, and regional banks ₦50bn.
For non-interest banks, those with national licences were required to meet a minimum capital base of ₦20bn, while regional non-interest banks were to maintain ₦10bn.
The recapitalisation drive came amid currency volatility, inflationary pressures, and ongoing reforms in the foreign exchange market, which heightened the need for stronger bank balance sheets and improved risk management frameworks.
With the deadline now met and ₦4.65trn raised, the CBN said it remains committed to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public.