Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says 20 banks have fully met the apex bank’s new minimum capital requirements.
Cardoso disclosed this on Tuesday at a media briefing following the Monetary Policy Committee’s (MPC) 304th meeting in Abuja.
“To date, 20 banks have fully met the new minimum capital requirement and a further 13 are at an advanced stage of their capital raising processes, and quite frankly, are expected to conclude at a stipulated time. It is expected,” he said.
According to him, the remaining institutions are still finalising their recapitalisation plans and evaluating strategic options, including possible consolidation where necessary.
N4tn Raised So Far
Cardoso revealed that as of February 19, 2026, total verified and approved capital raised stood at N4 trillion.
“Of this, N2.90 trillion, which is 71.6 percent, has been mobilised domestically with $706.84 million, which is N1.15 trillion, representing 28.33 percent, foreign,” he said.
He added that the balance reflects strong participation from both domestic and foreign investors, signalling confidence in Nigeria’s banking sector.
“Several MPCs ago, I did mention that when I went abroad and I met with some of the investor community, they had a very strong interest in investing in banks,” Cardoso said. “So I’m glad that that has come out in a very positive way.”
Institutions Under Regulatory Intervention
The CBN governor noted that banks currently under regulatory intervention may not follow the same recapitalisation timeline due to legal and structural considerations.
“In other words, it is unreasonable to expect that they would follow the same sequence as those that, two and a half years ago when we made this announcement, have had ample time to do a lot of the things they are doing,” he said.
On March 28, 2024, the CBN increased the minimum capital requirement for commercial banks with international licences to N500 billion, prompting several lenders to announce plans to raise funds through equity and bond issuances.
According to the apex bank, Nigeria has 44 banks, including seven with international licences, 15 national, four regional, four non-interest banks, six merchant banks, seven financial holding companies, and one representative office.
External Reserves Hit 13-Year High
Cardoso also disclosed that Nigeria’s gross external reserves rose to $50.4 billion in February — the highest level in 13 years.
However, he cautioned that the reserves could be impacted by global shocks and geopolitical tensions. He noted that fluctuations in global oil prices, unmanaged pre-election spending, and fiscal deficits could undermine recent gains.
The CBN governor assured that the bank would maintain consistent policies and avoid “policy somersaults,” adding that ongoing diversification efforts are expected to support sustained economic growth.
