By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN) has said that as of Friday, 30 Nigerian banks have met the new minimum capital requirements applicable to their respective licence authorisations.
The CBN introduced a recapitalisation programme for the banking sector in 2024, to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development.
Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.
A statement by the Ag. Director, Corporate Communications, Hakama Sidi-Ali, said in total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.
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 CBN reiterates that 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 Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements.
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.
