Nigeria’s banking sector is approaching a critical deadline as 30 financial institutions have successfully met the new minimum capital requirements set by the Central Bank of Nigeria (CBN), while a few others remain uncertain just days before the March 31, 2026 cutoff.

The recapitalisation exercise, introduced by the CBN in 2024, mandates banks to significantly increase their capital base in order to strengthen the financial system, improve resilience, and support long-term economic growth. Under the policy, banks were given a two-year window to comply, with the deadline now fast approaching.

According to the apex bank, the exercise has recorded substantial progress, with 30 banks already meeting the required thresholds applicable to their respective licence categories. In total, 33 banks have raised fresh capital through various channels such as rights issues, private placements, and public offers, although not all have fully satisfied the regulatory conditions.

Industry data shows that more than N4 trillion has been mobilised so far, reflecting strong investor confidence and broad participation from both domestic and foreign sources.

However, uncertainty still surrounds a handful of lenders, particularly some Tier II and national banks that are yet to clearly confirm their final capital positions or disclose definitive recapitalisation strategies.

Analysts note that institutions such as Polaris Bank, Keystone Bank, and Union Bank remain under close watch as the deadline looms.

Financial experts warn that banks unable to meet the requirements risk regulatory actions, which could include mergers, acquisitions, licence downgrades, or, in extreme cases, exit from the market.

The recapitalisation drive is expected to trigger consolidation within the sector, similar to past reforms.

Despite these concerns, the CBN has reassured stakeholders that the banking system remains stable and that the recapitalisation programme is firmly on track.

The regulator emphasized that the initiative will ultimately produce stronger, more resilient banks capable of supporting businesses, boosting credit to the economy, and driving Nigeria’s ambition for sustained economic growth.

As the March 31 deadline draws closer, attention is now focused on the remaining banks, whose next steps will determine whether they survive independently or become part of a broader wave of consolidation in Nigeria’s financial sector.