Nigerian banks have raised a combined N4.61 trillion in fresh capital ahead of the March 31, 2026, banking recapitalisation deadline.

This was disclosed by Olayemi Cardoso, governor of the Central Bank of Nigeria.

Cardoso spoke on Tuesday at the International Monetary Fund/Africa Regional Technical Assistance Centres (IMF/AFRITAC) West 2 high-level forum in Abuja.

He said foreign investors contributed about 27 percent to the total capital raised. This highlights improved confidence amid ongoing sector-wide reforms.

“Nigerian banks, in spite of navigating subsidy removals and exchange rate reforms, attracted N4.61 trillion in new capital, nearly 27 percent from foreign investors, while also expanding their footprint across African markets,” the CBN chief said.

This comes as 34 banks reportedly meet the recapitalisation threshold set by the apex bank.

The new capital requirements mandated by the central bank are expected to strengthen the lenders’ resilience against shocks.

They will also enable them to make meaningful contributions to the country’s growth agenda.

The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks with international authorisation.

It sets N200 billion for national banks, and N50 billion for regional banks.

For non-interest banks, the thresholds are N20 billion for national and N10 billion for regional.

The new capital requirement echoes a 2004 exercise under then-CBN governor Charles Soludo.

That exercise forced banks to raise capital to N25 billion from N2 billion.

The consolidation cut the number of lenders from 89 to 25.

It paved the way for stronger players to emerge.

Cardoso said that as financial systems across the continent become increasingly interconnected, regulators must strengthen collaboration to manage cross-border risks.

“As African banks and financial systems become increasingly interconnected, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity,” he said.

He also reiterated the CBN’s stance on corporate governance.

He warned that the apex bank has adopted “a zero-tolerance approach to violations”.

“Our stance on corporate governance is unequivocal; zero tolerance for violations,” he said.

“By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector.”

On monetary policy, the CBN governor said the bank remains committed to orthodox measures to restore price stability and strengthen policy credibility.

Cardoso also highlighted ongoing efforts to regulate financial technology firms.

He noted that the apex bank is balancing innovation with financial system stability.

He added that the CBN has also restricted banking services to chronic defaulters as part of efforts to enforce credit discipline.

“In line with this, we have implemented a restriction of banking services to non-performing large-ticket obligors,” he said.

The apex bank chief added that the measure is aimed at strengthening repayment culture, protecting depositors, and safeguarding financial stability.