..Majority Funded by Nigerian Investors
The Central Bank of Nigeria on Wednesday announced the successful conclusion of its 24-month banking sector recapitalisation programme, confirming that Nigerian investors provided 72.55% of the ₦4.65 trillion raised since the exercise launched in March 2024, a majority commitment that preceded and anchored participation from international markets.
The programme, the most significant capital raise in Nigerian banking history, saw 33 banks meet the revised minimum capital requirements set by the CBN. A further four institutions are resolving regulatory and judicial matters through established supervisory frameworks. All 37 licensed banks remain fully operational, with no disruption to customer access at any point during the two-year exercise.
“The recapitalisation 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,” said Olayemi Cardoso, Governor of the Central Bank of Nigeria.
Of the ₦4.65 trillion raised, 72.55% was sourced from domestic investors and 27.45% from international markets. The domestic majority is significant in context: the capital was raised during a period of elevated global interest rates and competing investment opportunities across emerging markets.
Nigerian institutional and retail investors committed the majority of the capital before international participation was secured.
The sector’s capital adequacy ratios now exceed international Basel benchmarks. Minimum CAR thresholds remain at 10% for regional and national banks and 15% for banks with international authorisation. The CBN said the exercise was implemented alongside an orderly exit from regulatory forbearance, improving asset quality and reinforcing balance sheet transparency across the sector.
The apex bank also confirmed that its risk-based capital adequacy framework has been strengthened, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers on an ongoing basis.
The four banks still in process are working through legal and regulatory matters described by the CBN as being addressed through established supervisory and legal frameworks. All four institutions continue to serve customers without restriction. The central bank said a full breakdown of banks by licence category would be published on its website.
The CBN said the strengthened sector is now better positioned to support lending, mobilise savings and withstand domestic and global economic shocks. A full list of compliant institutions and programme details is available at www.cbn.gov.ng.
