The Central Bank of Nigeria (CBN) has disclosed that 20 commercial banks have so far met the ongoing recapitalisation requirements, indicating steady progress ahead of the March 31, 2026 deadline.

The disclosure was made by the CBN’s Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, during a panel session at the launch of the 2026 Macroeconomic Outlook organised by the Nigerian Economic Summit Group (NESG) in Lagos.

Abdullahi said the apex bank has remained actively engaged with deposit money banks throughout the recapitalisation exercise and will continue to provide regulatory guidance as the deadline approaches.

“As of January 15, about 20 banks have already met the requirements, and more banks are achieving compliance daily. It is a very busy period at the CBN as we move closer to the March deadline,” he said.

He explained that beyond ensuring compliance, the CBN is now placing emphasis on the quality and economic impact of the recapitalisation process, particularly how stronger capital bases translate into real-sector growth.

“Our focus, especially from the financial system stability perspective, is to ensure that enhanced capital translates into productive, well-targeted, and sustainable credit to the economy,” Abdullahi added.

The latest update represents an improvement from the 19 banks reported to have met the requirements as of January 6, 2026. With Nigeria having about 33 commercial banks, the figures suggest that roughly 13 institutions are yet to fully comply by meeting capital thresholds and submitting the required documentation.

Recall that in March 2024, the CBN announced a new recapitalisation framework and set March 31, 2026 as the deadline for compliance. Under the framework, international banks are required to maintain a minimum capital base of N500 billion, national banks N200 billion, merchant banks N50 billion, while non-interest banks must hold between N10 billion and N20 billion, depending on their licence category.

Meanwhile, the Proshare Intelligence Unit, in its Banks Recapitalisation Watch for the week ended January 15, 2026, reported that Nigeria’s banking sector continues to record steady progress, with most institutions confirming compliance with the revised capital guidelines.

According to Proshare, Rand Merchant Bank Nigeria Limited (RMBN) achieved full compliance with the minimum capital requirement for merchant banks as of December 30, 2025, citing strong balance sheet resilience and sustained shareholder confidence.

The report also indicated that all listed Tier-1 banks have now met the N500 billion minimum capital requirement for international banking licences. These include United Bank for Africa (UBA), which crossed the threshold after raising N178 billion through a rights issue. Several banks operating under national and regional licences have also reportedly achieved compliance.

Banks confirmed to have met the benchmarks include Citibank Nigeria, Ecobank Nigeria, Alternative Bank, Standard Chartered Bank, Globus Bank, Stanbic IBTC, Sterling Bank, Wema Bank, The Premium Trust Bank, Providus Bank, and TAJ Bank.

In addition, Fidelity Bank Plc recently secured approvals from the CBN and the Securities and Exchange Commission (SEC) to raise N259 billion through a private placement, which would increase its capital base from N305.5 billion to N564.5 billion, subject to final regulatory confirmation.

Analysts note that the CBN is closely monitoring increasing interest from local and international investors seeking strategic stakes in banks yet to meet the recapitalisation thresholds, as the regulator remains open to foreign participation to strengthen confidence and stability in the banking system.