20 of 33 Nigerian Banks Meet Recapitalisation Requirement, Cardoso Says

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that 20 out of the 33 deposit money banks that raised fresh capital have met the new recapitalisation requirements set by the apex bank.

Cardoso made the announcement on Tuesday at the end of the 304th Monetary Policy Committee (MPC) meeting held in Abuja, describing the progress as a significant step toward strengthening Nigeria’s banking sector.

According to him, members of the MPC acknowledged the importance of the ongoing recapitalisation exercise and commended banks that have successfully met the new capital thresholds.

He, however, urged institutions yet to comply to intensify their efforts to ensure timely completion of the process, stressing that full compliance across the industry would enhance financial system stability and resilience.

The CBN had introduced the recapitalisation programme as part of broader reforms aimed at positioning Nigerian banks to better absorb economic shocks, support large-scale financing, and compete effectively in regional and global markets.

Cardoso noted that a well-capitalised banking system remains critical to sustaining investor confidence, safeguarding depositors’ funds, and supporting long-term economic growth.

The recapitalisation drive is expected to reshape the competitive landscape of the banking industry, with analysts predicting possible mergers, acquisitions, and strategic partnerships among lenders seeking to meet regulatory requirements.