At least 14 Nigerian commercial banks have not yet met the Central Bank of Nigeria’s (CBN) recapitalisation requirement as the March 31, 2026 deadline approaches.

CBN Governor Olayemi Cardoso announced on Tuesday that 16 Nigerian banks have already fulfilled the recapitalisation requirement ahead of the apex bank’s deadline.

Cardoso noted that this development reflects the financial soundness of the country’s banking system.

The Monetary Policy Committee (MPC) had previously been urged by banks to ensure the smooth implementation of the recapitalisation process.

“The committee noted with satisfaction the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds,” Cardoso said.

He added: “Acknowledged the substantial progress in the ongoing recapitalisation programme, with 16 banks achieving full compliance with the revised capital requirements. The committee thus urged the Bank to ensure a successful implementation and conclusion of the programme, among other domestic developments.”

This indicates that two additional banks have been added to the list of institutions that have complied with the CBN’s recapitalisation directive in the past two months.

During the 302nd MPC meeting, Cardoso had reported that only 14 banks had met the recapitalisation requirement at that time.

CBN records as of 2024 show that Nigeria has 13 commercial banks, five merchant banks, and seven financial holdings companies.

Earlier reports indicated that Access Bank, Zenith Bank, GTBank, Wema Bank, Jaiz Bank, Stanbic IBTC, and others have already met the recapitalisation requirement.

In March, CBN directed commercial banks with international authorisation to raise their capital base to ₦500 billion, while banks with national licences were required to increase theirs to ₦200 billion.