• 16 of Nigeria’s 36 banks have met new capital requirements by Nov. 2025
  

• Recapitalization aims to boost sector strength before March 2026 deadline
  

• Banks must raise capital up to 500B naira based on license category

By late November 2025, 16 of Nigeria's 36 banks have already met or exceeded new capital requirements, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Friday.

Cardoso disclosed the information during the 60th bankers' dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN). Banks that have met the required threshold include Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, Stanbic IBTC, Premium Trust Bank, Providus Bank, Lotus Bank and Greenwich Merchant Bank.

According to Cardoso, 27 banks have raised funds through public offers and capital increases. Several other institutions are at an advanced stage in the process.

"With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline," the governor said.

The recapitalization program was announced in November 2023 and formalized in CBN directives published on March 28, 2024. It requires each bank category to hold capital proportional to its operational scope. International commercial banks must raise their capital from 50 billion to 500 billion naira. National commercial banks must increase from 25 billion to 200 billion naira. Regional commercial banks must reach a minimum capital of 50 billion naira, up from 10 billion previously. For non-interest banks, the thresholds are set at 20 billion naira for national licenses and 10 billion for regional licenses.

Nigeria previously conducted a major banking sector recapitalization in 2004. At the time, the central bank raised capital levels from 2 billion to 10 billion naira for regional banks, to 25 billion for national banks and to 50 billion for international banks. That reform led to sector consolidation, reducing the number of banks from 89 to 25. It also created larger institutions capable of withstanding economic shocks and financing bigger operations.

The recapitalization launched in 2024 pursues the same objectives: to strengthen capital bases, improve balance sheet soundness, facilitate banks' international expansion and support more stable economic growth.

Chamberline Moko