CBN Confirms 30 Banks Compliant with New Capital Requirements Ahead of March 31 Deadline

The CBN confirms 30 banks have met new capital requirements ahead of the March 31, 2026 deadline. Over ₦4 trillion raised to stabilize the financial system.

By: AXL Media

Published: Mar 7, 2026, 3:57 AM EST

Source: The information in this article was sourced from Business Hallmark

Progress in the Banking Sector Overhaul

The Central Bank of Nigeria (CBN) has provided a critical update on the ongoing banking sector recapitalization exercise, revealing that 30 financial institutions have now fully complied with the new minimum capital requirements. According to a statement released on Friday by Hakama Sidi Ali, the Acting Director of Corporate Communications, the program is "progressing steadily" as the March 31, 2026, deadline draws near. This initiative, first introduced in March 2024, aims to bolster the stability and long-term capacity of Nigeria’s financial institutions to support large-scale economic development.

Capital Raising Through Diverse Instruments

To meet the revised regulatory framework, banks have utilized a variety of financial strategies to shore up their capital bases. The CBN noted that 33 banks have actively participated in capital-raising activities, including rights issues, initial public offerings (IPOs), and private placements. This proactive engagement by the private sector indicates strong investor confidence in the future of the Nigerian banking industry. The apex bank emphasized that these increased capital buffers are essential for the sector to remain resilient against global economic shocks and to better serve households and businesses.

Verification for Remaining Institutions

While 30 banks have received final confirmation of their compliance, several other institutions are currently undergoing a "routine verification process." The CBN is meticulously reviewing the capital positions of these remaining banks to ensure that all submitted funds and instruments meet strict prudential standards. Final confirmation for these institutions is expected before the end of the month. Central Bank Governor Olayemi Cardoso previously highlighted that as of mid-February, verified and approved capital had already reached the ₦4 trillion mark, illustrating the massive scale of this financial restructuring.