With about three months left to the deadline for banking sector recapitalisation, shareholder groups have urged banks yet to meet the new minimum capital requirements to take urgent action, warning that delays could hurt investors the most.
Leaders of minority shareholder associations, speaking in separate interviews, expressed concern that failure by some lenders to comply could erode shareholder value and weaken confidence in the financial system.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, recently disclosed that 16 banks have already met the revised capital thresholds. He said this after the last Monetary Policy Committee meeting of 2025 and reiterated the position during a presentation at the U.S.-Nigeria Executive Business Roundtable in Washington, D.C.
According to Cardoso, Nigeria is entering the final stage of its most ambitious banking sector strengthening exercise in over a decade. He said the recapitalisation programme is designed to protect financial stability, boost banks’ lending capacity and support Nigeria’s broader economic transformation. He added that 27 banks have raised fresh capital through public offers, rights issues, private placements, mergers and acquisitions.
Despite the progress recorded, shareholder groups say the pressure must be sustained as the deadline draws closer.
National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, described the recapitalisation exercise so far as impressive, noting that investor participation in capital raising efforts has been strong, with several offers oversubscribed.
He said the response reflects growing confidence in the Nigerian capital market, but warned that banks still lagging behind should not be complacent. According to him, lenders unable to meet the highest capital thresholds should consider lower licence categories, mergers or acquisitions to avoid regulatory sanctions.
Igbrude also called on the Federal Government to recapitalise nationalised banks through the CBN and later privatise them to recover public funds and deepen market participation.
Similarly, National Coordinator of the Pragmatic Shareholders Association, Bisi Bakare, urged banks to move faster, advising those struggling to consider mergers, acquisitions or strategic realignments rather than wait for regulatory action.
Chairman of the Ibadan Zone Shareholders Association, Ayoola Gilbert, called on the CBN to clearly outline contingency plans ahead of the deadline. He said the recapitalisation policy is critical to building banks capable of supporting Nigeria’s ambition of becoming a $1 trillion economy by 2030.
Gilbert noted that banks which have successfully raised large amounts of capital are already well positioned to finance major projects and support key sectors such as micro, small and medium enterprises. He warned that delays by weaker banks could have wider consequences for consumers, shareholders and systemic trust.
Also speaking, Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, said banks unable to meet the new requirements should begin merger talks early, warning that liquidation remains a possible outcome for persistent non-compliance.
The CBN had earlier announced new minimum capital requirements, setting thresholds at N500bn for international banks, N200bn for national banks, N50bn for regional banks and between N10bn and N20bn for non-interest banks.
