Cardoso
Susan Abayomi
Foreign investors have contributed significantly to Nigeria’s banking sector recapitalization, accounting for 28% of the total investment. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, revealed this at the Africa Capital Forum in London, highlighting the renewed confidence in Nigeria’s financial stability.
The recapitalization program, which aims to strengthen the banking sector, has seen over 30 banks meet the new capital requirements, with verification ongoing for the rest. The CBN expects the process to be completed by March 31, 2026.
The initiative has attracted international investors, who are looking to bring long-term investment capital into Nigeria’s economy. The British Deputy High Commissioner to Nigeria, Jonny Baxter, noted that the UK remains a key partner in Nigeria’s banking and capital markets, emphasizing the need for long-term, sustainable investments.
The CBN has raised the minimum capital requirements for commercial banks to N500 billion, N200 billion, and N50 billion for international, national, and regional licenses, respectively. As of March 2026, 20 commercial banks have met the new requirements, with others at advanced stages of recapitalization.
The recapitalization drive has seen banks raise N4,050 billion, with local investors contributing N2,900 billion (71.6%) and foreign investors providing N1,150 billion. This influx of capital is expected to enhance the sector’s resilience and support economic growth.
The CBN Governor emphasized that the recapitalization policy goes beyond regulatory compliance, aiming to equip Nigerian banks to operate at the scale and sophistication required by a trillion-dollar economy. The initiative is expected to boost the sector’s ability to support traditional economic drivers and emerging sectors like fintech and green energy.
The Nigerian banking sector is poised for greater stability and growth, with 23 banks having met the CBN’s capital requirements. These banks are now better positioned to support Nigeria’s economic agenda, driving investments and ensuring a more resilient financial system.
