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Cardoso Confirms 16 Banks Have Met the New CBN Minimum Capital Requirement
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), recently shared some good news about the banking industry. He confirmed that 16 banks have met the new CBN minimum capital requirement, while another 27 banks are in the process of raising capital to meet these rules. Cardoso made this announcement during the 303rd Monetary Policy Committee (MPC) meeting and emphasized how the Nigerian banking system is holding strong despite ongoing economic changes.
The CBN chief explained the idea behind these rules is to keep the financial system stable and growing. He said once stability is achieved, it encourages more investment, which then leads to real, lasting growth, not just quick, short-term wins. Cardoso pointed out that this steady progress builds investor confidence and helps make the economy stronger.
Back in March 2024, the CBN raised the minimum capital banks need to have. Starting April 2024, banks with international licences had to have at least 500 billion naira, national banks needed 200 billion, and regional banks were set at 50 billion naira. This move was about making sure banks can handle shocks in the economy, and can support Nigeria’s development and financial inclusion efforts.
To meet the capital requirements, banks are doing different things like issuing new shares or merging with others. Some banks have already met the requirements, including Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema, Providus, Globus, Premium Trust Bank, Greenwich Merchant Bank, Jaiz, and Lotus. Others such as First HoldCo, Fidelity, FCMB, and Sterling are still working on it, with First HoldCo aiming to raise 350 billion naira in the second half of 2025. The CBN has given banks until March 2026 to hit these targets.
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Besides capital requirements, the CBN is also tightening rules to keep the banking sector in check. They’ve proposed stricter penalties for repeated bad cheque issuers, including a five-year ban for repeat offenders. Banks must report bounced cheques quickly to credit bureaus and notify the customers involved within two working days.
These changes show how the CBN is working to build a stronger, more reliable banking system that can back Nigeria’s economic growth well into the future.
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