By Danjuma Amodu | March 13, 2026
The Central Bank of Nigeria (CBN) has announced that 30 out of 33 licensed Deposit Money Banks (DMBs) have met the minimum capital requirements, a significant jump from 20 banks in its prior disclosure on February 23, 2026. This 10-bank leap signals strong momentum among Nigeria’s financial institutions ahead of the March 31 deadline.
CBN spokesperson Hakama Ali-Sidi earlier confirmed in a March 6 statement that: “As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) banks have met its minimum capital requirements ahead of the March 31 deadline.”
Confirming that, the CBN Governor, Olayemi Cardoso underscored the strategic importance of the exercise during a Distinguished Alumni Lecture at St Gregory’s College, yesterday in Lagos, saying:
“This initiative is much more than a regulatory adjustment. It is a strategic reform designed to ensure that Nigeria’s banking sector is strong enough to support the scale of investment needed for the country’s economic transformation.”
Cardoso explained that strong capital brings three critical benefits: protection against unexpected shocks, expanded lending capacity, and strengthened confidence among depositors, investors, and international partners.
The CBN noted that all 33 banks have raised additional capital through rights issues, initial public offerings, and private placements. While 30 institutions have satisfied requirements, the remaining banks undergo routine verification.
“In finance, confidence is everything,” Cardoso remarked, emphasizing the CBN’s efforts to build a resilient financial environment. The Nigeria Deposit Insurance Corporation (NDIC) safeguards deposits, likely transferring funds to viable institutions if needed.
