By David Akinmola
At least 16 Nigerian banks have successfully met the new capital requirements set by the Central Bank of Nigeria (CBN), Governor Olayemi Cardoso disclosed yesterday, signalling early progress in the apex bank’s sweeping recapitalisation programme aimed at strengthening financial system stability.
Cardoso, who spoke at an industry forum in Lagos, said the banks met the thresholds ahead of the April 2026 deadline, following months of capital raising, mergers, rights issues, and balance sheet restructuring across the sector. He added that the CBN is closely monitoring ongoing transactions by other lenders working to meet the regulatory benchmark.
While he did not list the compliant banks, Cardoso noted that the recapitalisation exercise remains a “critical pillar” of the bank’s medium-term economic stability plan, stressing that stronger capital buffers are essential to support credit growth, absorb shocks, and withstand macroeconomic headwinds.
According to him, the new capital regime is designed to build a more resilient banking system capable of financing Nigeria’s long-term development ambitions, including industrialisation, infrastructure expansion, and private-sector productivity. “A sound and well-capitalised banking system is not negotiable,” he said.
The CBN governor explained that the progress recorded so far reflects increasing investor confidence in the Nigerian banking sector. Several lenders have launched public offers, rights issues, and private placements, while others have secured foreign investment commitments to shore up their capital base.
Cardoso also hinted that the apex bank will publish an updated compliance list once ongoing regulatory verifications are completed. He assured depositors that the recapitalisation programme poses no threat to the safety of funds, emphasising that Nigerian banks remain stable and systemically solid.
Industry analysts say the confirmation of early compliance by 16 banks is expected to boost market sentiment, particularly among foreign investors who have shown renewed interest in Nigerian financial institutions since the reforms began.
With rising inflation, currency volatility, and an evolving macroeconomic environment, stakeholders argue that stronger capital bases will help banks expand lending to critical sectors of the economy, including manufacturing, agriculture, and SMEs.
As the April 2026 deadline draws closer, the CBN governor warned that the regulatory stance will remain firm, adding that failure to comply with the new thresholds will attract appropriate supervisory action.
