The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that the banking sector recapitalisation programme is progressing on the right track in accordance with the approved regulatory timetable, with activity accelerating as the March 31, 2026, deadline nears.
He made this known at the close of the 304th Monetary Policy Committee (MPC) media briefing on Tuesday, February 24, 2026.
Cardoso revealed that 20 banks have wholly met the new minimum capital requirements, while a further 13 banks are at advanced stages of their capital-raising processes and are expected to conclude within the stipulated timeframe.
He further explained that institutions still finalising their plans were assessing a variety of strategic options, including consolidation where suitable, as part of efforts to meet compliance within the remaining timeframe.
He also revealed that, as of February 19, 2026, the total verified and approved capital raised under the programme was ₦4.05 trillion.
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Cardoso provided a breakdown showing that ₦2.90 trillion (71.67%) was mobilised domestically, while US$706.84 million, estimated at ₦1.15 trillion (28.33%), reflected foreign participation.
According to the CBN governor, this balanced mix signals broad investor engagement and growing confidence in the sector.
He also discussed the status of institutions currently under regulatory intervention, noting that specific legal and structural factors influence the order of recapitalisation measures for these banks.
The CBN helmsman disclosed that the apex bank remains actively engaged with relevant stakeholders to ensure orderly and credible outcomes while maintaining financial stability.
He reassured stakeholders that depositor funds in those institutions remain secure and that banking operations continue under strict regulatory oversight.
Based on the current pace of compliance and ongoing capital-raising activity, Cardoso expressed optimism that the market would see substantial alignment with the new capital requirements by the cut-off date.
