The Central Bank of Nigeria (CBN) has announced that 16 banks have now fully satisfied the regulatory capital requirements.
Olayemi Cardoso, the CBN governor, made the disclosure on Tuesday during a press briefing held after the 303rd monetary policy committee (MPC) meeting in Abuja.
He noted that the MPC expressed confidence in the continued stability of the banking sector, highlighting that most financial soundness indicators remain within approved regulatory limits.
According to him, “Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements.”
He added that the committee has therefore called on the CBN to ensure the effective implementation and completion of the recapitalisation initiative.
Cardoso added that banks are currently taking steps to boost their financial strength.
He said the improvements being seen align with the goals of the recapitalisation programme and confirmed that 27 banks have raised capital to date.
“16 of them have fully complied. 27 of them have, through various means, raised capital,” Cardoso said.
“We are monitoring the developments and from every indication, it is going in the right trajectory.”
The governor also emphasised that the country is now committed to building a financial sector capable of supporting long-term economic growth through stronger buffers and greater resilience.
He further said, “Many of you will also know that many of our banks are out on the African continent, and they have been innovative in various fairs.”
He explained that these strengthened buffers will equip banks to better manage risks across the different countries in which they operate.
“In return, that helps the Nigerians as well — the Nigerian traders, the Nigerian individuals — who go across all these various geographies.”
On March 28, 2024, the CBN announced a new minimum capital requirement of N500 billion for commercial banks with international licences.
Following the directive, several banks initiated plans to raise funds through share and bond issuances.
In January, Zenith Bank disclosed that it had raised N350.46 billion through a rights issue and public offer to meet the new requirement.
Guaranty Trust Holding Company Plc (GTCO) also confirmed on July 4 that it had priced its fully marketed offering on the London Stock Exchange (LSE).
In September, the CBN governor revealed that 14 banks had met the recapitalisation target — a rise from eight in July.