Recapitalisation Drive: 30 Banks Already

By Orbit News 24

The Central Bank of Nigeria (CBN) has announced that 30 banks have already met the new minimum capital requirements introduced under the banking sector recapitalisation programme launched in 2024.

In a statement issued by the Acting Director of Corporate Communications at the apex bank, Hakama Sidi Ali, the CBN said the recapitalisation exercise is progressing steadily as financial institutions continue to strengthen their capital base.

According to the statement, 33 banks have successfully raised additional capital through rights issues, initial public offerings and private placements as part of efforts to comply with the new regulatory thresholds tied to their respective licence categories.

The apex bank also noted that the capital positions of the remaining banks are currently undergoing routine verification before final confirmation of their compliance within the stipulated timeline.

The Central Bank of Nigeria reaffirmed that Nigeria’s banking sector remains stable and resilient, adding that the recapitalisation programme is designed to enhance banks’ ability to support households, businesses and drive sustainable economic growth across the country.

Source: NTA