Central Bank of Nigeria (CBN) Governor Olayemi Cardoso disclosed that just 14 banks have fully complied with the stringent regulatory capital requirements, leaving the majority scrambling to meet the March 2026 deadline amid a multi-trillion naira recapitalization drive.
Cardoso made the disclosure during a high-stakes news conference in Abuja on Tuesday, where he unveiled the outcomes of the latest Monetary Policy Committee (MPC) meeting. The update marks a notable acceleration from earlier milestones: in July, only eight banks had crossed the threshold, reflecting heightened investor interest and aggressive fundraising efforts by financial institutions. “About 14 banks have met the regulatory capital requirements,” Cardoso stated, emphasizing the CBN’s commitment to fostering a resilient financial system capable of weathering economic shocks and supporting broader growth.
Launched in March 2024, the recapitalization exercise demands minimum capital bases of N500 billion for international and national commercial banks, N200 billion for non-interest banks, and N10 billion for regional banks—a fivefold to fiftyfold increase from prior levels.
The initiative, a cornerstone of President Bola Tinubu’s economic reforms, aims to bolster banks’ lending capacity, enhance financial inclusion, and position Nigerian lenders as competitive global players. Cardoso highlighted its potential to “boost financial inclusion” by enabling banks to extend services to underserved populations, including women and youth in remote areas through digital platforms.
Progress has been uneven, with the “big four” banks—Access Holdings, Zenith Bank, GTCO, and UBA—leading the pack by swiftly raising billions via rights issues, public offers, and international listings, including a notable London Stock Exchange debut that drew foreign capital. Collectively, banks have injected over N13 trillion in fresh equity by mid-2025, fortifying buffers against credit risks and inflation.
The recapitalization will produce resilient banks, but expect more mergers as the deadline bites
However, smaller and foreign-owned entities like Standard Chartered (with N45.4 billion) and Citibank (N14.4 billion) lag far behind, prompting speculation on mergers, acquisitions, or exits from the market.
The announcement coincides with the MPC’s decision to trim the Monetary Policy Rate (MPR) by 50 basis points to 27%, alongside easing the Cash Reserve Requirement for commercial banks to 45%—measures Cardoso described as a “delicate balancing act” to spur growth without reigniting inflation, which eased to 32.7% in August. External reserves have also climbed to $40.11 billion, offering 9.5 months of import cover and signaling improved forex stability.
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Analysts view the 14-bank milestone as a positive inflection point but warn of consolidation risks: “The recapitalization will produce resilient banks, but expect more mergers as the deadline bites,” noted a Bloomberg report on the sector’s trajectory. Market reactions were cautiously optimistic, with banking stocks edging up 1.2% on the Nigerian Exchange, buoyed by Cardoso’s assurance of “transformational” reforms that are “here to stay.”
As Nigeria grapples with 3.13% GDP growth in Q1 2025 and persistent naira pressures, the CBN’s push for capital adequacy remains pivotal. With five months until the deadline, Cardoso urged non-compliant banks to accelerate efforts, warning that full adherence is non-negotiable for safeguarding depositors and fueling economic recovery.