CBN: 33 of 37 Banks Met New Capital Requirements, Raised N4.65trn

• Banks now well-positioned to support economic growth, withstand domestic, external shocks, says Cardoso

• Declares all banks fully operational to customers 

•Reveals 72.55% of capital sourced locally, 25% from international markets

•Apex bank raises compliance bar, demands bank-level accountability in AML systems rollout, sets June 10 deadline

James Emejo in Abuja and Nume Ekeghe in Lagos

The Central Bank of Nigeria (CBN), yesterday disclosed that Nigerian banks had raised a total of N4.65 trillion in new capital within 24 months, in a recapitalisation exercise that ended on March 31, 2026, strengthening the resilience of the financial system and enhancing industry capacity to support the economy.

The central bank also announced the successful conclusion of the banking sector recapitalisation programme that was initiated in March 2024.

The CBN, in a statement signed by its Director, Banking Supervision, Dr.  Olubukola A. Akinwunmi, and acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, stated that the exercise recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector.

Also yesterday, the CBN indicated that it has raised the regulatory bar for anti-money laundering compliance, directing banks and other financial institutions to take full ownership of their control frameworks, even as it set a June 10, 2026 deadline for the submission of implementation plans under its new automated AML standards.

Commenting further on the success of the recapitalisation exercise, CBN Governor, Mr. Olayemi Cardoso said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The central bank further confirmed that 33 of the 37 banks in the country met the revised minimum capital requirements established under the programme.

The apex bank however failed to name the bank four banks that failed to meet the new capital requirements.

The statement, however, noted that a limited number of institutions remained subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

All banks remain fully operational, ensuring continued access to banking services for customers, the apex bank added.

The CBN further stated that the recapitalisation programme has strengthened Capital Adequacy Ratios (CAR), with the sector maintaining levels above international Basel benchmarks.

Minimum CAR thresholds remained at 10 per cent for regional and national banks and 15 per cent for banks with international authorisation.

The recapitalisation, implemented alongside an orderly exit from regulatory forbearance, it noted, has improved asset quality, thereby reinforcing balance-sheet transparency and overall financial system stability.

To safeguard these gains, the CBN has also strengthened its risk-based capital adequacy framework, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers.

It pointed out that key regulatory measures, including prudential guidelines and the supervisory framework, were subject to periodic review to support ongoing strengthening of governance, risk management, and sector resilience.

“The recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” it added.

The central bank further reaffirmed its commitment to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, and to advancing the sustainability of the nation’s financial architecture.

Meanwhile, the CBN has raised the regulatory bar for anti-money laundering compliance, directing banks and other financial institutions to take full ownership of their control frameworks, even as it has set a June 10, 2026 deadline for the submission of implementation plans under its new automated AML standards.

In a circular addressed to banks, mobile money operators, international money transfer operators, and other financial institutions, the apex bank underscored that compliance with its newly issued Baseline Standards for Automated AML/CFT/CPF Solutions would be assessed at the institutional level, rather than based on the capabilities of technology vendors.

The move signals a shift away from a “tick-box” approach to compliance, amid growing reliance on third-party solutions, as the regulator seeks to strengthen governance, effectiveness, and integration of anti-money laundering and counter-terrorism financing frameworks across the financial system.

Signed by Olubunmi Ayodele-Oni for the Director, Compliance Department, the circular stated: “The CBN recently issued the Baseline Standards for Automated AML/CFT/CPF Solutions (the Baseline Standards) to strengthen the effectiveness, governance, and integration of AML/CFT/CPF control frameworks across financial institutions.

“Following this issuance, the CBN has observed increased industry engagement, including commentary and representations from technology service providers regarding alignment with the Baseline Standards.

 “While this reflects positive responsiveness, there is a growing risk of misinterpretation of regulatory expectations, particularly where compliance is framed primarily in terms of system features, vendor capabilities, or technology solutions.”

The apex bank reiterated that the implementation plan must cover all requirements set out in the Baseline Standards, clearly identify current state, target state, and actions required, include defined timelines, ownership, and governance arrangements and demonstrate how effectiveness, integration, and defensibility will be achieved.

“In line with this requirement, all financial institutions are required to submit an implementation plan outlining how they will achieve compliance with the Baseline Standards.

“Implementation plans must comprehensively address all requirements set out in the Baseline Standards.

“The implementation plan must be submitted in accordance with the CBN Implementation Plan Template attached. An editable version of the template (in Microsoft Word format) will be provided to facilitate completion.

“The template sets out the minimum information required. Financial institutions may provide additional relevant information where necessary, provided that such information is clearly structured and does not replace the required format.”

On submission and timeline, it added: “All financial institutions are required to submit their implementation plans within three months of the issuance of the Baseline Standards, i.e., June 10, 2026. Submissions should be made electronically in both editable (Word) and final (PDF) formats.

The regulator warned that incomplete or inconsistent submissions could attract supervisory action, noting that the implementation plans would form the basis for subsequent regulatory engagement and assessment.”

 It further stated: “The CBN will continue to engage with financial institutions as necessary to support effective implementation and ensure alignment with regulatory expectations. Please ensure that this directive is brought to the attention of relevant officers within your institution for immediate action.”