CBN Governor, Olayemi Cardoso
The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso has given clear insights on why the March 31, 2026 deadline might not apply to the three banks under its regulatory intervention. These include Polaris Bank, Union Bank of Nigeria and Keystone Bank.
Business Hilights recalls that while speaking to the media at the last Monetary Policy Committee (MPC) meeting in February, Cardoso noted that such institutions might not follow the same recapitalisation timeline because of legal and structural issues affecting them.
According to him, “We remain actively engaged with all relevant stakeholders to ensure that they have an orderly and credible outcome while maintaining financial stability.”
He added that a total verified and approved capital raised by banks stood at N4.05 trillion as at February 19, 2026. Also, a total of N2.90 trillion or 71.6 per cent came from within Nigeria while $706.84 million, equivalent to N1.15 trillion or 28.33 per cent, came from foreign investors.
However, at the just concluded Monetary Policy Forum, the CBN governor affirmed that 32 banks had fully met their new minimum capital requirements ahead of the March 31.
He said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0tn economy.”
Checks on the website of the CBN indicated that there are 36 deposit money banks as of April 26, 2024. They included seven with international authorisation. They are Access Bank Limited, Fidelity Bank, First City Monument Bank Limited, FirstBank Nigeria Limited, Guaranty Trust Bank Limited, United Bank for Africa and Zenith Bank PLC.
Those holding commercial banking license with international authorisation are Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank, Globus Bank, Keystone, Polaris, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Titan Trust Bank, Union Bank, Unity Bank, Wema Bank, Premium Trust Bank and Optimus Bank.
Commercial Banks with Regional Authorisation are Providus Bank, Parallex Bank, SunTrust Bank and Signature Bank.
For the non-interest banks, there are Jaiz Bank, Taj Bank, Lotus Bank and Alternative Bank Limited.
In conclusion, the CBN boss made it clear that the March 31 deadline is non-negotiable, saying the central bank will continue to monitor progress closely and enforce regulatory standards to preserve the stability and integrity of the banking system.
