The Central Bank of Nigeria has announced that 30 Nigerian banks have successfully met the new minimum capital requirements ahead of the March 31, 2026 deadline. The update was shared by the bank’s spokesperson Hakama Ali-Sidi in a statement released on Friday.

According to the apex bank, a total of 33 financial institutions have raised additional capital through rights issues, initial public offerings (IPOs), and private placements. However, the capital status of three banks is still being verified as part of the regulatory review process.

The recapitalization policy was first introduced by Olayemi Cardoso in March 2024 to strengthen Nigeria’s banking sector and improve financial stability. The program requires banks to meet new capital thresholds based on their license categories.

The CBN said it will continue close supervision of financial institutions to ensure full compliance with prudential regulations. The regulator added that the recapitalization exercise is progressing steadily as the deadline approaches.