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CBN Governor Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, stated that the banking sector recapitalisation programme is progressing in accordance with the approved regulatory timetable, with activity accelerating as the March 31, 2026, deadline nears.
Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing, on Tuesday, February 24, 2026, Governor Cardoso disclosed that 20 banks have fully met the new minimum capital requirements, while a further 13 banks are at advanced stages of their capital-raising processes and are 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 February 19, 2026, the total verified and approved capital raised under the programme was ?4.05 trillion.
He provided a breakdown showing that ?2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at ?1.15 trillion (28.33%), reflected foreign participation. According to the 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, Gov. 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: ?500 billion for commercial banks with international authorisation, ?200 billion for national authorisation, ?50 billion for regional commercial banks, ?50 billion for merchant banks, and ?20 billion/?10 billion for national/regional non-interest banks.
