The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, has announced that 14 Nigerian banks have successfully met the apex bank’s new recapitalisation requirements, marking a significant milestone in the exercise ahead of the 2025 deadline.
Speaking at the end of the 302nd Monetary Policy Committee (MPC) meeting, Cardoso said Nigeria’s banking sector has shown resilience, with key financial indicators remaining stable despite ongoing reforms.
“The MPC noted the continued resilience of the banking system, with most financial soundness indicators remaining within projected benchmarks,” Cardoso told reporters.
He added that 14 banks have now fully met the new capital requirement, urging others to accelerate compliance before the 2025 deadline.
Growth From 8 to 14 Banks in Two Months
At the July MPC meeting, only eight banks had met the capital base. By September, that number grew to 12. Now, with 14 banks confirmed, compliance momentum is accelerating.
Banks Reported to Have Met Capital Base
Earlier findings revealed some of the banks already compliant, including:
- Access Holdings
- Zenith Bank
- GTBank
- Ecobank
- Stanbic IBTC
- Wema Bank
- Providus Bank
- Jaiz Bank
- Lotus Bank
- Greenwich Merchant Bank
- Premium Trust Bank
- Globus Bank
The official full list of 14 compliant banks is yet to be published by the CBN.
CBN’s Recapitalisation Directive
In March 2024, the CBN announced new capital thresholds:
- International banks – ₦500 billion
- National banks – ₦200 billion
- Regional banks – ₦50 billion
- Non-interest banks – ₦20 billion (national) / ₦10 billion (regional)
Retained earnings are excluded, meaning banks must raise fresh equity, restructure, or merge to comply.
Transparency and Risk Management
Cardoso also highlighted the end of forbearance waivers for single obligors, a move he said enhances transparency, risk management, and long-term stability in the financial system.
He reassured stakeholders that any temporary challenges from these reforms are “transitory and pose no risk to the stability of the banking system.”
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