CBN says 16 Commercial Banks now Fully compliant with new capital requirements

CBN says 16 Commercial Banks now Fully compliant with new capital requirements

The Central Bank of Nigeria (CBN) says 16 banks have now fully satisfied the new capital thresholds set under its ongoing recapitalisation exercise.
CBN Governor Olayemi Cardoso gave the update on Tuesday at a press briefing following the 303rd meeting of the Monetary Policy Committee (MPC) in Abuja. He said the MPC was pleased with the overall stability of the financial system, noting that key soundness indicators remain strong and within approved limits.
According to him, “Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements.”
He said the committee has encouraged the apex bank to see the recapitalisation drive through to a smooth conclusion. Cardoso also confirmed that banks are actively working to “strengthen their financial buffers,” which he described as the core objective of the exercise.
“So far, 27 banks have raised capital through different channels,” he said, adding that “16 of them have fully complied. 27 of them have, through various means, raised capital.”
Cardoso said the CBN is “monitoring the developments” and expressed confidence that the sector is progressing “in the right trajectory.”
He explained that the recapitalisation effort is aimed at building a more resilient financial system capable of supporting economic growth and managing risks, especially as Nigerian banks expand across multiple African markets.
“Many of you will also know that many of our banks are out on the African continent, and they have been innovative in various fairs,” he noted. He said stronger capital positions would place these banks “in a position to better navigate the risks in the multiplicity of countries in which they operate,” ultimately benefiting “the Nigerian traders, the Nigerian individuals” conducting business across the continent.
The CBN had on March 28, 2024, raised the minimum capital requirement for commercial banks with international licences to N500 billion, prompting several lenders to embark on rights issues, public offers, and bond issuances.
In January, Zenith Bank announced it had raised N350.46 billion toward meeting the requirement, while Guaranty Trust Holding Company Plc (GTCO) in July launched a fully marketed offering on the London Stock Exchange. By September, Cardoso reported that the number of banks that had met their recapitalisation target had risen to 14 — up from eight two months earlier.
With 16 banks now fully compliant, the recapitalisation project continues to advance toward its conclusion.