As the Central Bank of Nigeria’s (CBN) recapitalisation deadline of March 31, 2026, approaches, 14 Nigerian commercial banks are yet to meet the apex bank’s capital requirements.
CBN Governor Olayemi Cardoso confirmed on Tuesday that sixteen banks have already complied with the recapitalisation mandate, marking progress in the ongoing programme. The announcement was made following the bank’s 303rd Monetary Policy Committee (MPC) meeting held in Abuja.
Governor Cardoso described the development as a positive indication of financial soundness in Nigeria’s banking sector. He noted that most key financial stability indicators remain within regulatory thresholds, highlighting the resilience of the banking system.
- “The committee acknowledged substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements,” Cardoso said. “The committee urged the Bank to ensure the successful implementation and conclusion of the programme, among other domestic developments.”
The latest update adds two more banks to the list of compliant institutions in the past two months. Previously, only 14 banks had met the CBN’s recapitalisation requirements, as reported during the 302nd MPC meeting.
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According to CBN records, Nigeria has thirteen commercial banks, five merchant banks, and seven financial holdings companies. Notable banks that have already met the recapitalisation mandate include Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC.
Under the March directive, banks with international authorisation were required to increase their capital base to N500 billion, while banks with national licences were required to raise their capital to N200 billion.
With just months remaining, the CBN continues to closely monitor the sector, urging remaining banks to meet the requirements and strengthen Nigeria’s financial stability ahead of the 2026 deadline.
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