Solely 20 of Nigeria’s 33 deposit cash banks have met the Central Financial institution of Nigeria’s (CBN) new minimal capital necessities lower than a month earlier than the March 31, 2026, deadline, CBN governor Olayemi Cardoso mentioned.
“Of the 33 banks which have raised further capital, 20 have met the brand new minimal capital necessities, reaffirming the regular progress in the direction of a extra sturdy capitalised monetary system,” he mentioned in the course of the Financial Coverage Committee (MPC) briefing on Tuesday.
His feedback come as Nigeria’s most formidable banking recapitalisation drive in almost 20 years enters its ultimate stretch, with lagging lenders dealing with shrinking choices forward of the March deadline.
The recapitalisation train, first introduced in 2024, is supposed to strengthen banks’ steadiness sheets amid rising inflation, forex volatility, and rising credit score dangers, whereas positioning lenders to finance Nigeria’s long-term ambition of changing into a $1 trillion financial system.
The CBN additionally expects stronger capital buffers to revive investor confidence, take in surprising shocks, and enhance monetary system stability following years of macroeconomic stress.
Beneath the brand new regime, banks should meet minimal paid-up capital primarily based on their working licences: worldwide banks to ₦500 billion ($370.58 million), nationwide banks to ₦200 billion ($148.23 million), regional banks to ₦50 billion ($37.06 million), service provider banks to ₦50 billion ($37.06 million), non-interest banks with nationwide authorisation to ₦20 billion ($14.82 million), and non-interest banks with regional authorisation to ₦10 billion ($7.41 million).
A latest report by S&P World Scores, a global credit standing company, exhibits that almost all of Nigeria’s largest lenders have already crossed the regulatory threshold.
In accordance with the score company, 9 of the ten rated business banks, which collectively account for roughly 80% of complete banking system property, already meet the brand new capital necessities. The banks collectively raised about ₦2.3 trillion ($1.71 billion) in recent capital throughout 2025.
“We anticipate that some smaller banks could discover choices equivalent to mergers or enterprise mannequin changes to make sure compliance with the brand new capital necessities,” S&P mentioned.
Though the CBN didn’t disclose which lenders have absolutely complied, a number of tier-one banks, together with Warranty Belief Holding Firm Plc (GTCO), have publicly introduced profitable capital raises.
With the deadline approaching, consideration is now shifting towards smaller and mid-tier lenders which will nonetheless be weighing consolidation or strategic partnerships to fulfill the requirement. Unity Financial institution Plc and Providus Financial institution Restricted lately introduced that their proposed merger is nearing completion, with the mixed entity’s capital base surpassing ₦200 billion ($148.23 million).
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