𝐂𝐚𝐫𝐝𝐨𝐬𝐨: 𝟐𝟕 𝐛𝐚𝐧𝐤𝐬 𝐫𝐚𝐢𝐬𝐞 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐫𝐞𝐜𝐚𝐩𝐢𝐭𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐭𝐚𝐫𝐠𝐞𝐭𝐬

The Central Bank Governor, Olayemi Cardoso, says 27 Nigerian banks have raised fresh capital as the 2026 recapitalisation deadline draws closer, with 16 of them already meeting or surpassing the new thresholds.

Cardoso disclosed this at the 60th Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria on Friday, noting that the recapitalisation process remains “firmly on track” ahead of the March 31, 2026 deadline.

He explained that the banks’ fundraising efforts were in compliance with the capital requirements announced by the apex bank in March 2024. Under the directive, commercial banks with international licences must raise their capital base to N500bn, while those with national licences are required to shore up theirs to N200bn.

Similarly, commercial banks with regional licences must attain a N50bn capital floor, while non-interest banks with national and regional authorisations are expected to raise N20bn and N10bn, respectively.

Cardoso stated that public offers and rights issues have so far driven the recapitalisation push, saying the progress demonstrates the strength and resilience of Nigeria’s financial sector.

He added that stress tests conducted this year show the banking industry remains fundamentally sound, with key financial indicators meeting prudential standards.

Speaking further, the CBN governor said the ongoing reforms—particularly in regulatory forbearance and credit-risk governance—are designed to prevent the boom-and-bust cycles witnessed during past recapitalisation phases.

According to him, micro, small and medium enterprises (MSMEs) remain central to the bank’s financial-inclusion strategy. He noted that microfinance lending expanded by over 14 per cent in 2025, and digital credit products reached more than 1.2 million small businesses nationwide.

On the broader economy, Cardoso said Nigeria has become more resilient to external shocks due to policy reforms such as the deployment of electronic forex market surveillance, the shift to a single market-driven FX regime, and strengthened risk-based banking supervision.

He stressed that declining dependence on oil revenue, rising non-oil exports and a more flexible foreign-exchange framework have improved the country’s ability to withstand fluctuations in global oil prices and rating-agency sentiments.

Cardoso also highlighted that recent growth in external reserves has been “mostly organic,” adding that the CBN remains committed to sustaining monetary discipline anchored on price stability — the foundation, he said, for investor confidence and economic growth.