Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says 20 banks have fully met the apex bank’s minimum capital requirements.
Cardoso spoke on Tuesday at a media briefing during the monetary policy committee’s (MPC’s) 304th meeting in Abuja.
He said another 13 banks are at an advanced stage of capital raising processes and are expected to conclude within the specified timeframe.
“To date, 20 banks have fully met the new minimum capital requirement and a further 13 are at an advanced stage of their capital raising processes, and quite frankly, are expected to conclude at a stipulated time. It is expected,” he said.
“The other institutions are still finalising their plans and evaluating a range of strategic options — and there’s time —which of course includes consolidating where appropriate.”
Furthermore, Cardoso said as of February 19, 2026, total verified and approved capital raise totalled N4 trillion.
“Of this, N2.90 trillion, which is 71.6 percent, has been mobilised domestically with $706.84 million, which is N1.15 trillion, representing 28.33 percent, foreign,” he said.
“So in summary, 71.67 percent is domestic mobilisation and 28.33 percent is foreign participation.”
This balance, he said, comprises both domestic and foreign investments, reflecting broad investor participation and strong confidence in the sector.
“Several MPCs ago, I did mention that when I went abroad and I met with some of the investor community, they had a very strong interest in investing in banks,” Cardoso said.
“So I’m glad that that has come out in a very positive way.”
The CBN governor added that he would be remiss not to mention the institutions currently undergoing regulatory intervention.
He noted that certain legal and structural considerations are naturally affecting the timing and sequencing of their recapitalisation efforts.
“In other words, it is unreasonable to expect that they would follow the same sequence as those that, two and a half years ago when we made this announcement, have had ample time to do a lot of the things they are doing,” Cardoso said.
On March 28, 2024, CBN announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.
Following the development, several banks announced plans to raise funds through share, bond issuances.
According to the CBN, there are 44 banks in Nigeria, with seven international lenders, 15 national licensed, four regional licensed, four non-interest banks, six merchant licensed, seven financial holding companies, and one representative office.
Also, Cardoso said the gross external reserves rose to $50.4 billion in February to highest level in 13 years.
‘GEOPOLITICAL TENSIONS, PRE-ELECTION SPENDING CAN IMPACT FX RESERVES’
Speaking further on the sustainability of the external FX reserves, Cardoso said they could be impacted by global shocks or geopolitical tensions.
He added that global oil prices, pre-election spending if not properly managed, and the fiscal deficit could undermine the stability that has been achieved.
Cardoso said the CBN will maintain consistent policies and avoid any “policy somersaults”.
The CBN governor said that with ongoing efforts to diversify its base, the initiatives can help achieve a positive growth trajectory.
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