16 banks meet regulatory capital requirements for recapitalisation

The Central Bank of Nigeria (CBN) has announced that 16 banks have fully met the regulatory capital requirements after the recapitalisation program.

Speaking after the 303rd Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, November 25, Olayemi Cardoso, governor of CBN, expressed satisfaction with the resilience of the banking system, noting that most financial soundness indicators remain within regulatory thresholds.

He highlighted that 27 banks have raised capital through various means, with 16 achieving full compliance.

The MPC has urged the CBN to ensure the successful implementation and conclusion of the programme, aimed at strengthening banks’ financial buffers and creating a sector capable of supporting national economic growth.

Cardoso also noted that Nigerian banks expanding across Africa benefit from these stronger financial buffers, which enhance their ability to navigate risks in multiple countries.

The recapitalisation follows the CBN’s March 2024 directive increasing the minimum capital requirements for commercial banks with international licenses to ₦500 billion.

Several banks, including Zenith Bank and Guaranty Trust Holding Company (GTCO), have raised substantial funds through share and bond issuances to meet these requirements.