The Central Bank of Nigeria (CBN) has officially concluded its banking sector recapitalisation exercise after 33 commercial banks successfully met the new minimum capital requirements.
Launched in March 2024, the recapitalisation process required banks to increase their minimum capital base, a move aimed at strengthening the sector, enhancing resilience to economic shocks, and enabling banks to support a growing economy.
The apex bank confirmed in a Wednesday statement, jointly signed by Director of Banking Supervision, Olubukola Akinwunmi, and Acting Director of Corporate Communications, Hakama Ali, that all participating banks have now fully complied with the stipulated capital thresholds.
“All banks remain fully operational, ensuring continued access to banking services for customers,” the statement said.
The CBN noted that a small number of banks are still involved in regulatory and judicial processes, which are being handled within existing legal and supervisory frameworks.
The completion of this exercise marks one of the most significant banking reforms in recent years, aimed at creating a more resilient and robust financial system.
The apex bank expressed satisfaction with the high level of compliance across the industry, noting that the successful recapitalisation is expected to boost investor confidence and position Nigerian banks for greater competitiveness both locally and internationally.
