Fourteen Banks Lag on CBN Capital Deadline

A total of fourteen Nigerian commercial banks are reportedly yet to meet the Central Bank of Nigeria’s (CBN) revised recapitalization requirement, even as the March 31, 2026, deadline approaches. This figure follows a recent announcement made by the head of the apex bank.

CBN Governor Olayemi Cardoso disclosed on Tuesday that sixteen Nigerian banks have already achieved full compliance with the new capital requirements, well ahead of the regulator’s deadline.

Cardoso made this information public in a statement released after the bank’s 303rd Monetary Policy Committee (MPC) meeting in Abuja.

According to the Governor, the sustained progress indicates a prevailing financial soundness and resilience within the country’s banking system.

The MPC meeting itself noted the substantial progress made across the sector. Banks had previously urged the MPC to ensure a successful implementation of the sweeping recapitalization program.

Cardoso confirmed that the committee “noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.”

He specifically acknowledged the “substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements.”

This latest figure represents an improvement from the prior review. Just two months ago, during the 302nd MPC meeting, Cardoso had announced that only fourteen banks had met the recapitalization requirement.

The updated figure means two additional Nigerian banks have successfully been added to the list of institutions that have complied with the apex bank’s demanding capital benchmarks.

CBN records as of 2024 indicate that Nigeria’s financial sector comprises thirteen commercial banks, five merchant banks, and seven financial holdings companies, all subject to the new requirements.

It was earlier reported that several major institutions, including Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, and Stanbic IBTC, were among the banks that had already met the CBN’s capital mandates.

The CBN, in March, issued a directive requiring commercial banks with international authorization to increase their capital base to N500 billion, while those holding national licenses must raise their capital to N200 billion.