By BONIFACE AKARAH

The Central Bank of Nigeria (CBN) has announced that 30 banks operating in the country have met the new minimum capital requirements introduced under its ongoing banking sector capitalisation programme.

In a statement issued on March 6, the CBN said the recapitalisation policy, introduced in 2024, was designed to strengthen the resilience, stability and long-term capacity of Nigeria’s financial system to support economic development.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily,” the CBN said in the statement signed by its Acting Director of Corporate Communications, Hakama Sidi Ali.

According to the apex bank, “thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.”

The bank also disclosed that a total of 33 banks have raised additional capital through various market channels as part of the recapitalisation programme.

“In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the statement said.

The CBN noted that the capital positions of the remaining banks are currently undergoing its routine verification process before final confirmation of compliance within the recapitalisation timeline.

“The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline,” the apex bank stated.

The regulator reassured the public that Nigeria’s banking system remains stable and well-positioned to support economic growth.

“The Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” the statement added.

The CBN also said it would continue close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.

“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the statement said.