BY NKECHI NAECHE-ESEZOBOR—Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, has disclosed that a total of ₦4.05 trillion has been verified and approved under the ongoing banking sector recapitalisation programme, as 20 banks have fully met the new minimum capital requirements.
Speaking at the 304th Monetary Policy Committee (MPC) media briefing, Cardoso said the recapitalisation exercise is progressing in line with the regulatory timetable, with 13 additional banks at advanced stages of their capital-raising processes ahead of the March 31, 2026 deadline.
He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe.
He also revealed that, as of February 19, 2026, the total verified and approved capital raised under the programme was ₦4.05 trillion.
He provided a breakdown showing that ₦2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at ₦1.15 trillion (28.33%), reflected foreign participation.
According to the Governor, this balanced mix signals broad investor engagement and growing confidence in the sector.
Governor Cardoso also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.
He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight.
Based on the current pace of compliance and ongoing capital-raising activity, Gov. Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
Under the CBN framework, minimum capital thresholds include: ₦500 billion for commercial banks with international authorisation, ₦200 billionfor national authorisation, ₦50 billion for regionalcommercial banks, ₦50 billion for merchant banks, and ₦20 billion/₦10 billion for national/regional non-interest banks.
