Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigerian banks have raised a combined N4.61 trillion in fresh capital ahead of the March 31, 2026, recapitalisation deadline.
Cardoso disclosed this on Tuesday at the International Monetary Fund/Africa Regional Technical Assistance Centres (IMF/AFRITAC) West 2 high-level forum in Abuja. He noted that foreign investors accounted for about 27 per cent of the capital raised, reflecting renewed confidence in the sector amid ongoing reforms.
“Nigerian banks, despite navigating subsidy removals and exchange rate reforms, attracted N4.61 trillion in new capital—nearly 27 per cent from foreign investors—while also expanding their footprint across African markets,” he said.
The development comes as 34 banks are reported to have met the recapitalisation thresholds set by the apex bank. The new requirements are expected to strengthen lenders’ resilience to shocks and enhance their capacity to support economic growth.
The recapitalisation exercise, launched in 2024, prescribes minimum capital bases of N500 billion for commercial banks with international licences, N200 billion for national banks, and N50 billion for regional banks. For non-interest banks, the thresholds are N20 billion for national licences and N10 billion for regional operations.
The policy mirrors the 2004 banking consolidation led by then CBN governor Charles Soludo, which raised minimum capital from N2 billion to N25 billion, reduced the number of banks from 89 to 25, and ushered in stronger institutions.
Cardoso emphasised the need for closer regulatory coordination as financial systems across Africa become increasingly interconnected.
“As African banks and financial systems become more interconnected, regulatory collaboration is not optional but essential to safeguard stability and ensure shared prosperity,” he said.
He also reaffirmed the CBN’s strict stance on corporate governance, warning that the regulator has adopted a zero-tolerance approach to violations.
“Our position on corporate governance is unequivocal—zero tolerance for violations,” he said. “By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector.”
On monetary policy, Cardoso reiterated the bank’s commitment to orthodox measures to restore price stability and strengthen policy credibility.
He further disclosed that the CBN is intensifying oversight of financial technology firms to balance innovation with systemic stability, while also enforcing credit discipline by restricting banking services for chronic defaulters.
“In line with this, we have restricted banking services for non-performing large-ticket obligors,” he said, adding that the measure is aimed at strengthening repayment culture, protecting depositors, and safeguarding financial stability.
