Banking recapitalisation milestone: 33 banks raise 4.65 trillion Naira to power Nigeria’s 1 trillion dollar economic target

The CBN confirms 33 banks met recapitalisation targets, raising 4.65 trillion Naira to support Nigeria's 1 trillion dollar economic plan and real sector growth.

By: AXL Media

Published: Apr 6, 2026, 3:51 AM EDT

Source: Information for this report was sourced from THISDAY

The Conclusion of a Two-Year Strategic Exercise

The ambitious banking recapitalisation exercise, first announced by CBN Governor Olayemi Cardoso in November 2023, officially concluded on March 31, 2026. The exercise required commercial banks with international, national, and regional licences to meet new minimum capital thresholds of 500 billion Naira, 200 billion Naira, and 50 billion Naira, respectively. The process has resulted in a consolidated landscape of 33 highly capitalised banks, collectively shoring up 4.65 trillion Naira to serve the financial needs of a rapidly expanding economy.

Driving the 1 Trillion Dollar Economy

The recapitalisation is a cornerstone of the administration’s strategy to reach a 1 trillion dollar GDP by 2031. Governor Cardoso emphasized that a larger capital base is essential for banks to service the substantial financing needs of large scale infrastructure, MSMEs, and priority industrial sectors. This growth plan is further supported by ongoing fiscal reforms, including the removal of petrol subsidies and the unification of foreign exchange rates, which have aimed to stabilize the macroeconomic environment and attract capital inflow.

Strengthening Governance and Risk Management

To prevent the "boom and bust" cycles seen in previous recapitalisation efforts, the CBN has established a dedicated Compliance Department. This unit focuses on financial crime supervision, corporate governance, and ESG (Environmental, Social, and Governance) standards. Furthermore, the apex bank is redesigning the credit risk framework to ensure that the newly raised 4.65 trillion Naira is managed with greater transparency and accountability, protecting depositors and investors from the risks associated with aggressive or poorly managed lending.