By RismadarVoice Reporter
November 29, 2025
Governor of the Central Bank of Nigeria, Olayemi Cardoso, says 27 banks have so far accessed the market to raise additional funds under the ongoing recapitalization programme, with 16 already meeting or surpassing the new capital requirements set by the apex bank.
Cardoso disclosed this on Friday at the 60th Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
In March 2024, the CBN introduced new capital thresholds mandating commercial banks with international licences to raise their capital base to ₦500bn, national banks to ₦200bn, and regional banks to ₦50bn.
Non-interest banks with national and regional authorisations were also directed to shore up their capital to ₦20bn and ₦10bn respectively, with a March 31, 2026 deadline.
Cardoso said the recapitalisation exercise is progressing smoothly.
“With just four months to the conclusion of the recapitalisation exercise, I am pleased to report that the process is firmly on track. To date, 27 banks have raised capital through public offers and rights issues, and 16 have already met or exceeded the new requirements,” he said.
The CBN governor added that recent stress tests confirmed that the nation’s banking sector remains fundamentally sound, with financial indicators meeting prudential standards.
He also revealed that the apex bank is redesigning the credit-risk framework to ensure stronger governance, transparency, and accountability, while working to break what he described as the “boom-and-bust cycle” associated with previous recapitalisation exercises.
Cardoso highlighted improvements within the microfinance segment, noting that microfinance lending expanded by over 14 per cent this year, while digital-credit products reached 1.2 million small enterprises.
Speaking on the broader economy, the CBN governor said Nigeria is now better positioned to withstand external shocks following reforms such as the introduction of the Electronic Forex Market Surveillance System, the adoption of a single market-determined exchange rate, and enhanced risk-based supervision.
According to him, Nigeria’s external reserves have grown to $46.7bn as of mid-November, its highest level in nearly seven years, providing more than 10 months of forward import cover.
Earlier in his remarks, CIBN President Pius Olanrewaju commended the banking sector for sustaining stability and innovation amid ongoing reforms, noting its role in supporting Nigeria’s goal of becoming a $1 trillion economy by 2030.
He also celebrated Nigeria’s recent removal from the FATF grey list, describing it as a major boost to investor confidence.
