By Bavoriat Clara
The Central Bank of Nigeria says the ongoing banking sector recapitalisation programme introduced in 2024 is making steady progress, with several financial institutions strengthening their capital base to comply with new regulatory thresholds.
In a statement issued by the Acting Director of Corporate Communications at the apex bank, Hakama Sidi Ali, thirty banks have already met the new minimum capital requirements tied to their respective licence categories.
The statement further revealed that thirty-three banks have raised additional capital through rights issues, initial public offerings and private placements as part of the recapitalisation process aimed at enhancing the resilience of the banking sector.
According to the Central Bank, the capital positions of the remaining banks are currently undergoing routine verification ahead of final confirmation of compliance within the stipulated timeline.
The apex bank also reassured the public that Nigeria’s banking system remains stable and sound, noting that the recapitalisation initiative will further strengthen banks’ capacity to support households, businesses and sustainable economic growth across the country.
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