The Central Bank of Nigeria (CBN) has reported that 30 out of the 33 licensed Deposit Money Banks (DMBs) have met the minimum capital requirements, up from 20 in its prior disclosure on February 23, 2026. This 10-bank leap signals strong momentum among Nigeria’s finbrands ahead of the March 31 deadline.
CBN spokesperson Hakama Ali-Sidi confirmed in the March 6 statement: “As of March 6, 2026, the recapitalization exercise is progressing steadily. Thirty (30) [banks] have met its minimum capital requirements ahead of the March 31 deadline.” All 33 banks raised funds via rights issues and IPOs, but three remain in routine verification.
Governor Olayemi Cardoso, during the February 25 Monetary Policy Committee briefing, had noted 20 compliant banks, with 13 advancing. The policy, launched March 2024, sets thresholds at N500 billion for international banks, N200 billion national, N50 billion regional, and N20 billion non-interest national.
Three banks linger as non-compliant, facing potential forced mergers, acquisitions, license downgrades, or revocations, echoing 2000s reforms that shuttered Afribank and others. NDIC safeguards deposits, likely transferring funds to viable institutions.
Despite compliance figures evolving rapidly toward the March 31 deadline and an alleged list of banks believed to have met the recapitalization target making the rounds in the media, the Central Bank of Nigeria (CBN) has not published a single, definitive official list of all banks meeting the recapitalization benchmarks as of today, March 11, 2026.
