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By Chinwendu Obienyi
Thirty-three banks in Nigeria have successfully raised extra capital through rights issues, Initial Public Offerings (IPOs) and private placements, the Central Bank of Nigeria (CBN) has confirmed, signalling steady progress in the country’s ongoing banking sector recapitalisation drive.
In a recent statement, the apex bank said the programme, which began in 2024, is designed to make Nigeria’s banks stronger, more resilient, and better able to support economic growth.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, thirty-three banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the CBN said.
The apex bank added that capital positions of the remaining banks are still being verified and will be confirmed within the recapitalisation timeline. It reassured the public that Nigeria’s banking system remains stable and sound.
“We will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the statement read.
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Since the policy was introduced, banks have been actively raising funds both locally and internationally. Many institutions tapped into domestic and foreign capital markets, attracting interest from local investors and international institutions looking to invest in Nigeria’s financial sector.
Beyond raising money, several banks are restructuring their balance sheets and expanding their shareholder base to strengthen governance, transparency, and competitiveness. By widening ownership, banks aim to build more solid foundations for growth and ensure they can meet rising demand for credit and financial services.
CBN said the recapitalisation programme will ultimately improve banks’ ability to lend to businesses and households, boost economic activity, and help Nigeria achieve sustainable long-term development.
As more banks complete the process and final confirmations are made, the initiative is expected to cement confidence in the financial sector, increase lending capacity, and ensure that Nigerian banks are better equipped to compete in a fast-changing economic environment.
With these efforts, Nigeria’s banking sector is not only meeting regulatory requirements but also positioning itself as a stronger, more resilient pillar of the economy.
