The Central Bank of Nigeria, CBN, has announced the successful conclusion of its 24-month banking sector recapitalisation programme, with Nigerian banks raising a total of N4.65 trillion in new capital to bolster financial system resilience and support economic growth.
The apex bank, in a statement jointly signed by its Director of Banking Supervision, Dr. Olubukola Akinwunmi, and Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the recapitalisation exercise, which commenced in March 2024, attracted robust participation from both domestic and international investors.
According to the apex bank, 72.55 per cent of the funds were sourced locally, while 27.45 per cent came from foreign markets, an indication of sustained investor confidence in Nigeria’s banking industry.
CBN Governor, Olayemi Cardoso, said the programme has significantly strengthened the capital base of banks, positioning the sector to better withstand both domestic and external shocks while supporting economic expansion.
“The recapitalisation programme has reinforced the resilience of the financial system and ensured that Nigerian banks are well-positioned to support economic growth,” Cardoso stated.
The CBN disclosed that 33 banks have met the revised minimum capital requirements set under the programme, while a small number of institutions are still undergoing regulatory and judicial processes within established supervisory frameworks.
It stated that despite this, all banks remain fully operational, guaranteeing uninterrupted access to banking services for customers.
The apex bank noted that the exercise has improved capital adequacy ratios, CAR, across the sector, with levels remaining above global Basel benchmarks.
Minimum CAR thresholds were retained at 10 per cent for regional and national banks, and 15 per cent for institutions with international authorisation.
In addition, the recapitalisation, implemented alongside a phased exit from regulatory forbearance, has enhanced asset quality, strengthened balance sheet transparency, and improved overall financial system stability.
To consolidate these gains, the CBN said it has intensified prudential oversight through a strengthened risk-based supervision framework.
Banks are now required to conduct routine stress tests under defined scenarios and maintain adequate capital buffers.
The regulator also assured that prudential guidelines and supervisory frameworks will continue to undergo periodic reviews to reinforce governance standards, risk management practices, and sector resilience.
Importantly, the entire recapitalisation process was executed without disruption to banking operations, ensuring continuous access to financial services for individuals and businesses nationwide.
The CBN reaffirmed its commitment to sustaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, while supporting long-term economic development.
