Ofure Akhigbe
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has disclosed that 27 banks have accessed the capital market to raise additional funds as part of the ongoing banking sector recapitalisation exercise.
Cardoso made this known on Friday at the 60th Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).
Recall that in March 2024, the CBN directed commercial banks with international authorisation to raise their capital base to N500 billion, while national banks were asked to increase theirs to N200 billion. Regional commercial banks are required to meet a N50 billion minimum capital threshold. Non-interest banks with national and regional authorisations are to raise their capital to N20 billion and N10 billion, respectively. The deadline for compliance is March 31, 2026.
Giving an update on the exercise, Cardoso said significant progress has been recorded with four months left in the recapitalisation phase.
“With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. Several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline,” he said.
“To date, twenty-seven banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements — a clear testament to the depth, resilience and capacity of Nigeria’s banking sector,” he added.
The CBN governor further stated that stress tests conducted this year confirmed that the banking sector remains fundamentally sound, with key financial indicators meeting prudential benchmarks. He added that regulatory forbearance reforms and a redesigned credit-risk framework are being implemented to strengthen governance, transparency and accountability.
On support for small businesses, Cardoso said microfinance lending grew by over 14 per cent in 2025, while new digital credit products reached more than 1.2 million micro, small and medium enterprises (MSMEs).
Speaking on the economy, Cardoso said Nigeria is now better positioned to withstand external shocks due to recent reforms, including the introduction of the Electronic Foreign Exchange Market Surveillance System, the adoption of a single market-driven exchange rate and enhanced risk-based banking supervision.
He disclosed that Nigeria’s external reserves rose to $46.7 billion by mid-November 2025 — the highest in nearly seven years — providing over 10 months of import cover.
“With the current account balance rising by over 85 per cent to $5.28 billion in Q2 from $2.85 billion in Q1, our external buffers have been strengthened. Most importantly, our FX reserves are being rebuilt organically through improved market functioning, stronger non-oil exports and robust capital inflows,” he said.
Cardoso also called for stronger collaboration among stakeholders to address the country’s rising insecurity.
In his remarks, the President of the CIBN, Mr Pius Olanrewaju, said the recapitalisation programme announced in November 2023 and formalised by the CBN guidelines of March 28, 2024, has strengthened investor confidence and positioned the banking sector to support Nigeria’s $1 trillion GDP target by 2030. He also noted that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list has restored international confidence.
The Chairman of the Body of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Mr Oliver Alawuba, urged banks to channel more credit to youth entrepreneurship, SMEs, women and the creative economy. He said private sector lending currently stands at about N74 trillion but can be expanded further to drive growth.
Alawuba also stressed the need for professionalism, ethical conduct and stronger cybersecurity as the digital economy expands. He assured Nigerians that banks are working with the CBN to ensure adequate cash availability and seamless operations during the coming festive season.