Recapitalisation: 30 Nigerian banks meet CBN minimum capital requirement

The Central Bank of Nigeria (CBN) has announced that 30 Nigerian banks have now met the new minimum capital requirements introduced as part of the banking sector recapitalisation programme launched in March 2024.

In a statement issued on Friday, Hakama Sidi Ali, Acting Director of Corporate Communications at the apex bank, said a total of 33 banks have successfully raised additional capital through rights issues, initial public offerings (IPOs), and private placements since the policy was introduced.

According to the CBN, the recapitalisation programme is aimed at strengthening the resilience, stability, and long-term capacity of Nigeria’s banking system to support economic growth and development.

“The Central Bank of Nigeria introduced a capitalisation programme for the banking sector in 2024 to strengthen the resilience, stability, and long-term capacity of the financial system to support Nigeria’s economic development,” the bank said.

“Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations.

“In total, thirty-three banks have raised additional capital through rights issues, IPOs and private placements as part of the programme.”

READ ALSO:

• ‘I hated my birth name Blessing’ — BBNaija winner Phyna opens up on painful childhood
• Iran War: US Authorizes $151.8 Million Bombs Sale to Israel
• Ghanaian UN Peacekeepers Hit by Missile Attack in Lebanon as Iran‑Linked War Escalates

The apex bank said the capital positions of the remaining banks are currently undergoing routine regulatory verification before final confirmation of compliance within the stipulated timeline.

“The CBN reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” the statement added.

The regulator also assured that it would continue to maintain close supervisory engagement with financial institutions to ensure full compliance with prudential and capital requirements.

Earlier, on February 24, Olayemi Cardoso, Governor of the Central Bank of Nigeria, disclosed that 20 banks had already met the minimum capital requirement, noting that the recapitalisation process was progressing steadily across the sector.

Cardoso also revealed that as of February 19, 2026, the total verified and approved capital raised by Nigerian banks had reached about ₦4 trillion, reflecting strong investor participation and confidence in the banking sector.

The recapitalisation programme follows the CBN’s March 28, 2024 directive reviewing the minimum capital base for commercial banks, with institutions given until March 31, 2026 to fully comply.

Under the revised framework, banks with international authorisation are required to have a minimum capital base of ₦500 billion, while national banks must raise ₦200 billion and regional banks ₦50 billion.

Financial analysts say the policy is designed to create stronger and better-capitalised banks capable of financing large-scale investments, supporting businesses, and improving financial stability in Africa’s largest economy.

The recapitalisation exercise has also triggered increased activity in Nigeria’s capital market, with several lenders launching public offers, rights issues, and strategic fundraising programmes to meet the regulatory thresholds.

Industry experts believe the ongoing exercise could lead to further consolidation in the banking sector, including potential mergers and acquisitions among smaller institutions struggling to meet the capital requirements before the deadline.

Recapitalisation: 30 Nigerian banks meet CBN minimum capital requirement

FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive

The Federal Airports Authority of Nigeria (FAAN) has introduced a temporary hybrid toll payment system at airports nationwide following heavy traffic congestion caused by the rollout of its cashless toll payment policy. The move comes after President Bola Tinubu directed the authority to ease implementation challenges to prevent travel disruptions.

FAAN Managing Director, Mrs. Olubunmi Kuku, told journalists in Lagos on Thursday that the decision followed severe gridlock at major airport toll gates, particularly Murtala Muhammed International Airport (MMIA), Lagos, as motorists struggled to adapt to fully digital payment methods. “He [the President] saw the traffic congestion and directed us to temporarily revert to a hybrid approach,” Kuku said. “This ensures smoother access while we refine the cashless system — it is a win for the industry.”

The hybrid model allows commuters and travellers to pay tolls using a combination of cash, prepaid FAAN cards, e-tags, debit cards, and other electronic options. Kuku emphasized that the arrangement will let FAAN continue its digital payment initiative while still accommodating users who have yet to register or activate electronic payment channels.

READ ALSO:

• Trump Warns Iranian Military, Including IRGC, to Surrender or Face “Certain Death”
• Trump Rejects Khamenei’s Son, Demands Role in Iran Leadership Selection
• FG Clarifies FEC Decision, Says PhD Not Equivalent to Medical Fellowship in Nigeria

She highlighted that the authority had registered over 100,000 users on its cashless platform between October 2025 and March 3, 2026, with around 60,000 sign-ups occurring in the final three days before the March 1 rollout deadline. The technology reportedly achieved a 99% success rate during initial operations, demonstrating strong potential for adoption once operational challenges are addressed.

Kuku explained that the initial rollout lacked a comprehensive pilot phase due to the pressure to meet the government’s deadline. The additional time granted by the Presidency now serves as an extended pilot period, enabling FAAN to raise public awareness, onboard private technology partners, and enhance monitoring mechanisms to prevent revenue leakages while cash payments are still allowed.

The MD noted that no new deadline has been set for the complete elimination of cash payments. The focus now is on refining the system, ensuring user convenience, and achieving a smooth transition to a fully digital tolling platform in line with global best practices in airport infrastructure management.

FAAN said the hybrid arrangement aims to prevent delays that could cause passengers to miss flights, while also maintaining transparency in revenue collection and improving overall airport operational efficiency.

FAAN Introduces Hybrid Toll Payment System Following Tinubu’s Directive

NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja 

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at its retail stations to ₦933 per litre in Lagos and ₦960 per litre in Abuja, triggering fresh concerns among motorists and businesses over rising fuel costs in Nigeria.

The national oil company raised the price by ₦103 in Lagos, moving from ₦830 per litre to ₦933, while motorists in the federal capital Abuja now pay ₦960 per litre, representing an ₦85 increase from the previous ₦875 price.

Checks on Wednesday showed that the new petrol price has already been implemented at several NNPC retail outlets, including stations at Apple Junction and Ago Palace Way in Lagos, while stations along Airport Road in Lugbe, Abuja, were dispensing petrol at the new ₦960 rate.

The latest fuel price hike comes shortly after the Dangote Petroleum Refinery increased its ex-gantry petrol price to ₦874 per litre on March 2, up from ₦774 per litre, a development that has influenced retail pricing across the downstream petroleum sector.

Industry analysts say the rise in petrol prices in Nigeria is closely linked to growing geopolitical tensions in the Middle East, which have unsettled global energy markets and pushed up crude oil prices.

READ ALSO:

• Yul Edochie Blasts Arise TV Anchor Rufai Oseni in Viral Video
• Court Discharges Abba Kyari, Brothers in NDLEA Non-Disclosure of Assets Case
• Kano State House of Assembly Initiates Impeachment Proceedings Against Deputy Gov

Recent market data shows that Brent crude oil rose to about $85 per barrel on March 3, compared with around $72 per barrel recorded on February 28, intensifying pressure on petrol landing costs for markets that still rely partly on imports.

Experts note that Nigeria’s deregulated fuel market means pump prices now fluctuate in response to international oil prices, exchange rate volatility, and supply chain costs.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to ensure steady crude oil supply to domestic refineries, particularly as Nigeria seeks to strengthen local refining capacity.

The association warned that continued instability in global oil markets could weaken the naira, raise petrol prices further, and push inflation higher, thereby worsening the cost-of-living challenges faced by Nigerians.

Energy stakeholders have also stressed the importance of expanding local refining operations, including production from the Dangote refinery and rehabilitation of government-owned refineries, to reduce dependence on imported fuel.

The latest price adjustment reflects the ongoing transition in Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the adoption of a market-driven pricing system.

Motorists across Lagos, Abuja and other major cities have expressed concern that rising petrol prices could increase transportation costs, food prices and overall inflation, placing additional pressure on households and businesses.

NNPC Raises Petrol Price to ₦933 in Lagos, ₦960 in Abuja