The Central Bank of Nigeria has officially confirmed that 30 banks have successfully met the new minimum capital requirements under the ongoing banking sector recapitalisation programme.

The announcement was made on Thursday by CBN Governor Olayemi Cardoso during a Distinguished Alumni Lecture at St Gregory’s College, Lagos. It marks a critical milestone as the 31 March 2026 compliance deadline approaches.

Cardoso underscored the strategic importance of the exercise during his address. “This initiative is much more than a regulatory adjustment,” he stated.

“It is a strategic reform designed to ensure that Nigeria’s banking sector is strong enough to support the scale of investment needed for the country’s economic transformation,” he added.

The governor elaborated on the benefits of this increased financial robustness for the national economy.

“Strong capital brings three critical benefits,” Cardoso explained. “First, it protects banks against unexpected shocks. Second, it expands their ability to lend, supporting businesses and economic activity across the country. And third, it strengthens confidence among depositors, investors, and international partners.”

Providing further details on the programme’s progress, the CBN noted that a total of 33 banks have raised additional capital through various channels, including rights issues, initial public offerings, and private placements.

While 30 institutions have already satisfied the requirements for their respective licence categories, the remaining banks are currently undergoing the Central Bank’s routine verification process in line with the established compliance timeline.

“In finance, confidence is everything,” Governor Cardoso remarked while reflecting on the broader impact of these reforms.

He emphasised that the recapitalisation is part of a wider effort to build a resilient financial environment, noting that the CBN’s return to an orthodox monetary policy has been instrumental in stabilising the economy.

Looking ahead, the governor urged the next generation to see these changes as opportunities within a promising future landscape.

“By combining innovation with discipline, technology with integrity, and opportunity with responsibility, we can ensure that Nigeria’s financial system not only adapts to the digital age but thrives in it,” he said.