Banks across Nigeria are making a final push to meet the Central Bank of Nigeria (CBN) recapitalisation deadline, with the apex bank expected to make a major announcement later this week as the March 31, 2026 cut-off approaches.
Findings by The Telegraph indicate that most lenders have substantially met the new capital requirements, while a few are finalising regulatory and structural matters. CBN officials said an update on the exercise is expected on Tuesday or Wednesday, with the process largely on track to conclude within the stipulated timeline.
The recapitalisation exercise, launched in March 2024, requires banks to meet new minimum capital thresholds of up to ₦500 billion for international commercial banks, with lower thresholds for other license categories.
Speaking at the end of the 304th Monetary Policy Committee meeting, CBN Governor Olayemi Cardoso expressed confidence in timely completion, noting that some institutions are still evaluating strategic options, including potential consolidations.
“As of February 19, 2026, total verified and approved capital raised stands at ₦4.05 trillion,” Cardoso said. “Of this, ₦2.90 trillion (71.6%) was mobilised domestically, while $706.84 million (₦1.15 trillion, 28.3%) came from foreign investors. This mix signals strong domestic and international confidence in the sector.”
Despite the progress, a few banks are yet to complete the process, mainly due to delays in merger activities or ongoing regulatory interventions. The CBN clarified that three banks under regulatory intervention are treated as special cases, with recapitalisation sequencing adapted to their legal and structural circumstances. Cardoso reassured that depositor funds remain secure under close supervisory oversight.
Financial analysts say the recapitalisation exercise has exceeded expectations. Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, told The Telegraph that domestic investors played a major role, and most outstanding banks have already raised the required capital and are only awaiting CBN verification.
Officials expect the two banks undergoing mergers to complete the process this week, with the third bank also anticipated to meet the recapitalisation threshold shortly.
