Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) has disclosed that the ongoing banking sector recapitalisation programme remains firmly on track, with momentum building ahead of the March 31, 2026, deadline.
Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks have fully met the revised minimum capital requirements. An additional 13 banks, he said, are at advanced stages of capital-raising and are expected to conclude their processes within the regulatory timeline.
According to the CBN governor, institutions still finalising their compliance strategies are evaluating a range of options, including consolidation where appropriate, to meet the new thresholds before the cut-off date.
Cardoso revealed that as of February 19, 2026, total verified and approved capital raised under the programme stood at ₦4.05 trillion. Of this amount, ₦2.90 trillion (71.67 per cent) was mobilised domestically, while foreign participation accounted for US$706.84 million, equivalent to ₦1.15 trillion (28.33 per cent).
He described the mix of domestic and foreign inflows as a reflection of broad-based investor engagement and strengthening confidence in Nigeria’s banking sector.
On institutions currently under regulatory intervention, the governor noted that legal and structural considerations determine the sequencing of recapitalisation measures. He assured stakeholders that the CBN remains actively engaged with relevant parties to ensure orderly and credible outcomes, while safeguarding financial system stability.
Cardoso further reassured depositors that funds in affected institutions remain secure, with operations continuing under strict regulatory supervision.
Expressing optimism, he said the current pace of compliance and sustained capital-raising activity indicates that substantial alignment with the new capital requirements will be achieved by the March 31 deadline.
Under the CBN recapitalisation framework, minimum capital requirements are pegged at ₦500 billion for commercial banks with international authorisation; ₦200 billion for national authorisation; ₦50 billion for regional commercial banks and merchant banks; and ₦20 billion and ₦10 billion for national and regional non-interest banks, respectively.
