By Oso Abidemi
The Central Bank of Nigeria (CBN), says Nigeria’s banking sector remains stable as the ongoing recapitalisation drive progresses, with eight banks already meeting the new minimum capital requirements.
The recapitalisation, introduced in March 2024 and set to end by March 2026, aims to strengthen banks to support a $1 trillion economy by 2030.
CBN Governor Olayemi Cardoso said the move is essential, warning that Nigerian banks, in their current state, lack sufficient capital for such economic growth.
Under the new policy, minimum capital requirements are ₦500bn for international banks, ₦200bn for national banks, and ₦50bn for regional banks.
Only paid-up capital and share premium now count toward this benchmark.
Cardoso noted that while many banks already have strong shareholders’ funds, most will still need to raise fresh capital to meet the new definition.
This, he said, will boost their capacity to support SMEs, innovation, and financial inclusion.
CBN officials affirmed that the financial system is sound, with banks maintaining liquidity above the 30% regulatory minimum.
The policy has also drawn support from bank executives, who view it as timely and essential for national development.
The CBN has also fined 29 banks ₦15bn for compliance violations and pledged stronger supervision and governance requirements starting 2025.
