The Central Bank of Nigeria (CBN) has confirmed that 33 banks have met the revised minimum capital requirements under its recently concluded recapitalisation programme, marking a major milestone in efforts to strengthen the country’s financial system.
According to the CBN, a total of N4.65 trillion was raised over the 24-month exercise.
The programme also recorded strong domestic investor participation, with 72.55 per cent of the capital raised sourced locally.
In a statement published on its website, the CBN further pointed out that the recapitalisation was executed without disruption to banking operations, while a limited number of institutions remain under regulatory and judicial review within existing supervisory frameworks.
The apex bank also stated that banks that did not meet its recapitalization targets will be subject to “regulatory and judicial processes”, suggesting these banks will be either nationalised or under a court process.
37 banks were affected by the capital, with 33 making the cut, including all listed banks.
One of the banks that did not meet recapitalisation target was reportedly downgraded to a lower tier.
Meanwhile, Unity Bank is currently undergoing a merger with Providus Bank (which has met recapitalization targets), while Union Bank’s acquisition by Titan Bank is under judicial process.
“All banks remain fully operational, ensuring continued access to banking services for customers,” the CBN added.
