Mkpoikana Udoma
Port Harcourt — Nigeria’s banking sector has raised a massive N4.65 trillion in fresh capital following the conclusion of a two-year recapitalization programme by the Central Bank of Nigeria, significantly strengthening lenders’ capacity to finance economic growth.
Announcing the milestone, CBN Governor Olayemi Cardoso said the exercise has reinforced financial system resilience and positioned banks to withstand shocks.
“The recapitalization programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks,” Cardoso stated.
The programme, launched in March 2024, recorded strong investor confidence, with 72.55 percent of the capital sourced domestically and 27.45 percent from international markets.
According to the apex bank, 33 financial institutions have met the new minimum capital requirements, while a few others are undergoing regulatory and judicial processes.
The CBN emphasized that the exercise was executed without disrupting banking operations.
“All banks remain fully operational, ensuring continued access to banking services for customers,” the statement said.
The recapitalization has also pushed capital adequacy ratios above global benchmarks, aligning Nigerian banks with international standards under the Basel Committee on Banking Supervision framework.
In addition, the regulator noted improvements in asset quality and balance sheet transparency following the phased exit from regulatory forbearance.
To sustain these gains, the CBN said it has strengthened risk-based supervision, mandating regular stress testing and stricter capital buffer requirements.
“The Central Bank of Nigeria remains committed to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public,” the statement added.
