• Citibank Nigeria raised its capital to 200 billion naira ($136 million), meeting new CBN requirements five months before the March 2026 deadline.

• Only 14 of Nigeria’s 36 banks have complied with the recapitalization rules so far, according to the central bank.

• The CBN raised capital thresholds in 2024 to strengthen the banking sector and support large-scale financing in infrastructure and energy.

Citigroup said on Oct. 8 it has injected fresh capital into its Nigerian subsidiary to comply with the Central Bank of Nigeria’s (CBN) new minimum capital rules.

The recapitalization raised Citibank Nigeria’s capital base to 200 billion naira ($136 million), the threshold required for lenders with a national banking license. The move came more than five months ahead of the March 2026 deadline.

“Thanks to a stronger balance sheet, Citi is ready to expand support to its clients in priority sectors including infrastructure, energy, and trade. This is a statement of confidence in Nigeria’s future and a deliberate investment in its next chapter of growth,” Citibank Nigeria said. The bank has operated in the country for 41 years.

In March 2024, the CBN raised minimum capital requirements for lenders. Banks with international licenses must hold at least 500 billion naira, while those with national licenses need 200 billion. Regional banks must reach 50 billion, and Islamic banks must hold at least 20 billion for national operations and 10 billion for regional activities.

The new thresholds aim to strengthen Nigeria’s banking system against external shocks and boost capacity to finance large-scale projects, particularly in energy and infrastructure.

The CBN gave banks until March 2026 to meet the new standards. As of Sept. 23, only 14 of the 36 lenders had complied, Governor Yemi Cardoso said. Access Bank, Zenith Bank, Ecobank Nigeria, Wema Bank, Stanbic IBTC, and GTBank are among the institutions that have already met the target.

The central bank’s recapitalization drive is putting pressure on mid-sized banks, which may be forced into mergers and acquisitions to survive.

This article was initially published in French by Walid Kéfi

Adapted in English by Ange Jason Quenum