The Central Bank of Nigeria has established a recapitalisation deadline for banks, set for March 31, 2026. As of February 19, 2026, the total verified and approved capital raised stands at N4.05 trillion, with 71.6% of this amount, or N2.90 trillion, mobilised domestically. The remaining 28.33%, equivalent to $706.84 million (N1.15 trillion), has been sourced from foreign investments.
Currently, 34 banks have successfully met the new minimum capital threshold ahead of the deadline. The new minimum capital requirement for international commercial banks is N500 billion, while national banks must meet a minimum of N200 billion. Notably, the merger between Providus Bank and Unity Bank has enabled them to exceed the N200 billion requirement.
Three banks are currently under regulatory intervention and are being treated as special cases in the recapitalisation process. The recapitalisation exercise was initially introduced in March 2024, aimed at strengthening the financial stability of the banking sector.
Olayemi Cardoso, a representative from the Central Bank, stated, “Depositor funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the central bank.” He also emphasized that the bank remains actively engaged with all relevant stakeholders to ensure an orderly and credible outcome.
Ayokunle Olubunmi remarked, “I think the recapitalisation exercise has been a success thus far,” reflecting a positive outlook on the progress made. Meanwhile, the Central Bank of Nigeria is expected to issue a final status report next week, which will provide further clarity on the ongoing recapitalisation efforts.
Details remain unconfirmed regarding the final capital position of the three banks under regulatory intervention, as their outcomes depend on ongoing supervisory actions and possible support arrangements. The timeline for the completion of the recapitalisation process for these banks remains unclear.