The Central Bank of Nigeria (CBN) has stated that Nigeria’s bank recapitalisation exercise is progressing as 30 banks have already met the new minimum capital requirements ahead of the 31 March deadline. The bank disclosed this in a statement signed by its Acting Director, Corporate Communications, Hakama Ali, on Friday. In March 2024, the CBN introduced a revised recapitalisation policy that requires Nigerian banks to raise their capital base within 24 months, with the compliance period running from 1 April 2024 to 31 March 2026. At the recent Monetary Policy Committee (MPC) meeting in February, the central bank revealed that 20 of 33 Nigerian banks had met the new minimum capital requirements, raising N4.05 trillion. In its statement on Friday, the central bank noted that all the 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements, but not all have met all the requirements. “The Central Bank of Nigeria (CBN) introduced a recapitalisation programme for the banking sector in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development. “Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements. “As of 6 March, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the statement read. The CBN explained that capital positions of the other three banks await the central bank’s verification process and confirmation in the scope of the recapitalisation programme. The bank also affirmed that Nigeria’s banking system is in good shape, noting that the recapitalisation programme will strengthen the capacity of the banking sector, while supporting households, businesses, and sustainable economic growth of the country. “The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline. “The CBN reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth. “The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” the CBN stated.