Nigeria’s banking sector sees a major boost as 30 banks meet the CBN’s capital requirements ahead of the March deadline
The race to beat the Central Bank of Nigeria’s deadline has taken a positive turn. With the March 31 cutoff fast approaching, the apex bank has confirmed that 30 lenders have already crossed the finish line.
This development marks a significant jump in compliance figures. Only last month, CBN Governor Olayemi Cardoso revealed that just 20 banks had met the target.
In a surprising show of financial agility, ten more institutions have successfully shored up their capital base in less than two weeks.
CBN spokesperson, Hakama Ali-Sidi, shared the update on Friday. She noted that the entire exercise has been progressing smoothly without major hitches.
According to the central bank, a total of 33 lenders have been busy raising fresh funds. To get their books in order, these financial institutions utilized several methods.
They launched Initial Public Offerings (IPOs), offered rights issues to existing shareholders, and engaged in private placements.
While the majority have secured their positions, three banks are still in the waiting room. Their documents and capital positions are currently undergoing final verification by the regulatory team. The CBN is expected to confirm their status once the routine checks are concluded.
This recapitalisation drive was introduced in March 2024. The primary goal is to build a stronger, more resilient banking sector that can adequately support the nation's growing economy.
For now, the apex bank says it remains watchful. It intends to monitor all banks closely to ensure they continue to maintain financial stability long after the deadline passes.
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