Esther Oseyiomon
Banks are set to raise about N6 trillion under the ongoing recapitalisation exercise as they rush to close deals ahead of the March 31, 2026 deadline fixed by the Central Bank of Nigeria (CBN).
Investment banking sources said more than N1.5 trillion in capital raising deals are still in the pipeline and are expected to crystallise before the curtain falls on the exercise.
Most lenders are opting for private placements and rights issues rather than public offers. Checks showed there were no pending approvals for public offers, pointing to a preference for faster funding routes.
Sources said banks are using a “close and tender” approach to finalise equity deals after securing broad shareholder mandates to explore various fundraising options.
CBN Governor, Olayemi Cardoso, said total verified and approved capital raised stood at N4.05 trillion as of February 19, 2026.
He said N2.90 trillion, representing 71.6 per cent, came from domestic investors, while $706.84 million, equivalent to N1.15 trillion or 28.33 per cent, was sourced from foreign investors.
According to him, 20 banks have fully met the new minimum capital requirements, while 13 others are at advanced stages of raising the required funds.
The apex bank, however, indicated that the deadline may not strictly apply to three banks under regulatory intervention—Polaris Bank, Union Bank of Nigeria and Keystone Bank.
Cardoso assured that depositors’ funds in the affected institutions remain secure, adding that the recapitalisation process is being closely monitored in collaboration with the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC).