KEY POINTS
- Fourteen Nigerian banks now meet recapitalisation target.
- CBN set N500 billion minimum for international banks in March.
- Waivers removal boosts transparency and financial stability.
Fourteen Nigerian banks have met the Central Bank of Nigeria’s (CBN) new capital requirements, Governor Olayemi Cardoso said Tuesday, marking a major step in the sector’s recapitalisation drive.
Cardoso disclosed the update while briefing reporters in Abuja after the Monetary Policy Committee (MPC) meeting. He said the financial system remained resilient, with key soundness indicators within benchmarks.
Recapitalisation push gains momentum
“The MPC noted the continued resilience of the banking system, with most financial soundness indicators remaining within projected benchmarks,” Cardoso said. “Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.”
The CBN raised the minimum capital base for international commercial banks to N500 billion on March 28, 2024. Since then, lenders have tapped rights issues, share sales, and bond offerings to strengthen their buffers.
Transparency drive after waivers removal
Cardoso also confirmed the termination of forbearance measures and waivers on civil obligors. He said the move improved transparency, strengthened risk management, and bolstered long-term stability in the banking sector. He stressed that the decision was transitory and posed no threat to the industry’s overall soundness.
Progress from eight to fourteen banks
In July, the CBN reported that only eight banks had fully complied with the recapitalisation directive. Tuesday’s disclosure shows significant progress within two months as lenders race to meet the March 2026 compliance deadline.
