• 32 Nigerian banks meet capital requirements ahead of March 31, 2026 deadline
• Banks raise 4.61 trillion naira, with 27% from foreign investors
• Programme aims to strengthen banks’ capital base and support lending

Thirty-two Nigerian banks have already met revised capital requirements under a recapitalisation programme launched in 2024, ahead of a March 31, 2026 deadline, central bank governor Olayemi Cardoso said.

Cardoso made the announcement on Friday in Abuja at the Central Bank of Nigeria’s (CBN) first monetary policy forum of the year.

“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long‑term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0 trillion economy,” Cardoso said.

Speaking earlier in the week at a high-level forum co-hosted with the International Monetary Fund (IMF) and AFRITAC West 2 on financial sector regulation and supervision, Cardoso said Nigerian banks have raised 4.61 trillion naira ($3.33 billion) in new capital so far.

Nearly 27% of that amount, or about 1.2 trillion naira, came from foreign investors, he added.

Cardoso said the inflows reflect growing investor interest in Nigeria’s banking sector despite a challenging economic environment. He added that the capital raised has also encouraged similar reforms in other African countries.

The recapitalisation programme aims to align banks’ capital levels with current financial system needs and strengthen oversight of the sector.

Chamberline Moko