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 The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the Nigerian banking sector recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the 31 March 2026 deadline nears. 

Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing on 24 February 2026, Cardoso disclosed that 20 banks have fully met the new minimum capital requirements, while a further 13 banks were at advanced stages of their capital-raising processes and expected to conclude within the stipulated timeframe.

He explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe. He also revealed that, as of 19 February 2026, the total capital raised under the programme, verified and approved, was N4.05 trillion. 

N2.90 trillion (71.67%) of the new capital was mobilised domestically, while $706.84 million (estimated at N1.15 trillion, 28.33%) reflected foreign participation. According to the CBN Governor, this balanced mix signals broad investor engagement and growing confidence in the sector. 

Governor Cardoso also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks. 

He said the CBN remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability. In this context, he reassured stakeholders that depositor funds in those institutions remain secure and that operations continue under strict regulatory oversight. 

Based on the current pace of compliance and ongoing capital-raising activity, Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.

Under the CBN framework, minimum capital thresholds include N500 billion for commercial banks with international authorisation, N200 billion for national authorisation, N50 billion for regional commercial banks, N50 billion for merchant banks, and N20 billion and N10 billion for national and regional non-interest banks, respectively.