By Tochukwu Bliss, Abuja
A total of ₦4.65 trillion in new capital was raised as 33 banks operating in the country met the revised minimum capital requirements established by the Central Bank of Nigeria (CBN).
This was revealed by the CBN yesterday, which announced the successful conclusion of the banking sector recapitalisation programme initiated in March 2024.
A statement jointly signed by the Director, Banking Supervision, Olubukola Akinwunmi, and Ag. Director, Corporate Communications, Hakama Sidi Ali, said the exercise which lasted over a 24-month period, was meant to strengthen the resilience of the financial system and enhance its capacity to support the economy.
The statement reads in part: “The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting sustained confidence in the Nigerian banking sector.”
CBN Governor, Olayemi Cardoso, was quoted as saying: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforced the resilience of the financial system and ensured it is well-positioned to support economic growth and withstand domestic and external shocks.”
Capital strengthening and financial system resilience
While 33 banks met the revised minimum capital requirements established under the programme, the CBN however said:”A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.”
It added that all banks remain fully operational, while ensuring continued access to banking services for customers.
“The programme has strengthened capital adequacy ratios (CAR), with the sector maintaining levels above international Basel benchmarks. Minimum CAR thresholds remain at 10% for regional and national banks and 15% for banks with international authorization.
“The recapitalisation, implemented alongside an orderly exit from regulatory forbearance, has improved asset quality, reinforcing balance sheet transparency and overall financial system stability,” it added.
The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.
Enhanced prudential oversight and risk-based supervision
Additionally, to safeguard these gains, the CBN said it has strengthened its risk-based capital adequacy framework, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers.
“Key regulatory measures, including prudential guidelines and the supervisory framework, are subject to periodic review to support ongoing strengthening of governance, risk management, and sector resilience.
Continuity of operations and system stability
The CBN further informed that the recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” it noted.
The CBN also reassured of its commitment to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, and to advancing the sustainability of the nation’s financial architecture.
