71% of Banks’ New Capital Sourced Locally – Cardoso

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that 71 per cent of the fresh capital raised by deposit money banks under the ongoing recapitalisation exercise has been mobilised domestically.
Cardoso, speaking at the end of the 304 Monetary Policy Committee meeting noted that as at February 19, 2026, total verified and approved capital raised by banks stood at N4.05 trillion. Of this amount, he said N2.90 trillion, representing 71.67 per cent, was sourced from domestic investors, while $706.84 million, equivalent to N1.15 trillion or 28.33 per cent, came from foreign participation.

According to him, the mix of domestic and foreign inflows reflects broad based investor engagement and confidence in the banking sector. “To date, 20 banks have fully met the new minimum capital requirement. A further 13 are at an advanced stage of their capital raising processes and are expected to conclude within the stipulated time,” he said.
The CBN governor noted that institutions still finalising their recapitalisation plans are evaluating various strategic options, including consolidation where necessary. On lenders currently under regulatory intervention, Cardoso explained that legal and structural considerations are shaping the sequencing of their recapitalisation efforts.
He argued that it would be unreasonable to expect such institutions to follow the same timeline as those that had about two and a half years to prepare following the announcement of the new capital thresholds.

“For institutions currently undertaking regulatory intervention, certain legal and structural considerations which naturally influence the sequencing of their recapitalisation actions. It is unreasonable to expect that they would follow the same sequence as those that had ample time about two and a half years since the announcement to prepare.

“We remain actively engaged with all relevant stakeholders to ensure an orderly and credible outcome while maintaining financial stability. Specifically with respect to those institutions currently under regulatory intervention. Depositors’ funds in these institutions remain secure, and operations continue under close supervisory and regulatory oversight of the Central Bank.”