The Central Bank of Nigeria (CBN) on Wednesday announced that Nigerian banks have met the recapitalisation deadline, raising a total of ₦4.65 trillion to strengthen the resilience of the country’s financial system.
In a statement, the apex bank said the successful conclusion of the programme, which began in March 2024, reflects strong investor confidence and positions the 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 ₦4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement read.
The CBN noted that the exercise attracted both domestic and international investors, with 72.55 per cent of the capital sourced locally and 27.45 per cent from foreign markets.
Governor Olayemi Cardoso said the recapitalisation has significantly strengthened the banking system.
“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 few others remain under regulatory and judicial review.
“All banks remain fully operational, ensuring continued access to banking services for customers,” the CBN stated.
It added that the programme has improved capital adequacy ratios across the sector, with banks maintaining levels above international Basel benchmarks. Minimum capital adequacy ratios remain 10 per cent for regional and national banks and 15 per cent for banks with international authorisation.
The regulator also said the recapitalisation, implemented alongside an orderly exit from regulatory forbearance, has improved asset quality, strengthened balance sheet transparency, and reinforced overall financial system stability.
To sustain these gains, the CBN said it has strengthened its risk-based supervision framework, requiring banks to conduct regular stress testing and maintain appropriate 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.
The apex bank said the completion of the exercise has established a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.
The recapitalisation programme was introduced by the CBN in March 2024 as part of broader reforms aimed at strengthening the banking sector amid economic headwinds.
Under the policy, commercial banks with international licences were required to raise their minimum capital base to ₦500 billion, while national banks were set at ₦200 billion and regional banks at ₦50 billion. Non-interest banks were required to meet ₦20 billion for national licences and ₦10 billion for regional operations.
The move was designed to enhance banks’ capacity to absorb shocks, improve financial intermediation, and align the sector with Nigeria’s long-term economic growth objectives.
