Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has announced that 27 Nigerian banks have successfully raised fresh capital as part of the ongoing recapitalisation exercise, marking a major milestone in efforts to strengthen the nation’s financial sector.
Cardoso revealed that the recapitalisation program—introduced to boost banks’ resilience, lending capacity, and shock-absorption strength—has been met with strong compliance across the industry. The capital raises include public offers, rights issues, private placements, mergers, and strategic foreign investments, depending on each bank’s structure and growth plan.
According to the CBN, the recapitalisation drive aims to ensure Nigerian banks can withstand global economic volatility, support large-scale private investments, and fund the government’s long-term development agenda. Cardoso noted that the banking sector must evolve to match the size and sophistication of Nigeria’s expanding economy.
Financial analysts say the strong response from banks reflects rising investor confidence and competitive positioning as institutions seek to avoid being left behind in the new regulatory landscape. Some banks are still in the process of completing their capital-raising rounds, with the CBN closely monitoring compliance ahead of key deadlines.
Cardoso reassured Nigerians that the recapitalisation process is being carried out transparently and with strict regulatory oversight, adding that the goal is a banking sector that is “bigger, stronger, safer, and globally competitive.”
Sources
Central Bank of Nigeria briefing
Statements from CBN Governor Olayemi Cardoso
Financial industry reports and analysis
Nigerian banking sector disclosures
