Nigerian Banks Raise N4.05trn as Recapitalisation Deadline Nears
Nigerian banks have raised a total of N4.05 trillion in new capital ahead of the Central Bank of Nigeria’s (CBN) recapitalisation deadline, governor Olayemi Cardoso announced on Tuesday.
The recapitalisation race, which started in April 2024, is expected to be completed at the end of next month.
Speaking at a briefing in Abuja following the two-day meeting of the Monetary Policy Committee, Cardoso said 20 banks have fully met the new minimum capital requirement, while an additional 13 lenders are at an “advanced stage” in their capital-raising processes.
“As at February 19, 2026, total verified and approved capital raise stands at N4.05 trillion,” he said. “Of this, N2.90 trillion, which is 71.67 percent, has been mobilised domestically, with $706.84 million, which is N1.15 trillion, representing 28.33 percent, foreign.”
Cardoso described the mix of domestic and foreign funds as a sign of “broad investor engagement and confidence in the sector,” noting that foreign investor interest had been evident from his earlier engagements with the international investment community.
“The institutions that are still finalising their plans are evaluating a range of strategic options; and there’s time, which of course includes consolidating where appropriate,” he added, signalling that mergers and acquisitions remain on the table for lagging banks.
The CBN governor also addressed the status of institutions currently under regulatory intervention, explaining that their recapitalisation path would differ from that of other lenders due to “certain legal and structural considerations” that affect the sequencing of their actions.
“In other words, it’s unreasonable to expect that they would follow the same sequence,” Cardoso said.
He stressed that the CBN remains “actively engaged with all relevant stakeholders” to ensure an orderly recapitalisation process while safeguarding financial stability.
“Specifically with respect to those institutions currently under regulatory intervention, depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank,” he said.
