Thirty three banks have raised a total of N4.65 trillion to meet the revised minimum capital requirements under the recapitalisation programme of the Central Bank of Nigeria aimed at strengthening the resilience of the financial system in Nigeria.
The programme, which commenced in March 2024, has now been completed after a 24-month implementation period, the apex bank in a joint statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications and Olubukola Akinwunmi, director banking supervision.
According to the statement, 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.
It quoted the governor of the apex bank, Olayemi Cardoso, to have said the programme has reinforced the capital base of Nigerian banks and positioned the sector to better support economic growth.
The recapitalisation programme, Cardoso hinted, has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.
Some banks are still undergoing regulatory and judicial processes, the statement said, adding:“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme. A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
The apex bank said the recapitalisation has strengthened capital adequacy ratios (CAR) across the banking sector, with levels remaining above international benchmarks under the Bank for International Settlements (Basel standards).
It added:“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.”
The apex bank has strengthened its risk-based supervisory framework, requiring banks to conduct regular stress testing and maintain adequate capital buffers.
It also said prudential guidelines and supervisory processes will continue to be reviewed periodically to support improved governance, risk management, and overall sector stability.