New Minimum Share Capital Requirements for Nigerian Banks
As part of a new Banking Sector Recapitalization Program, Nigeria’s Central Bank has just announced an increase in the minimum share capital requirement of Nigerian banks. This policy update highlights the key elements of the new policy
Policy Objectives of the New Minimum Share Capital Requirements
The objective of the new minimum share capital requirement policy is to:
Strengthen Nigerian banks against external shocks and domestic shocks, as well as enhance the stability of the financial system
Support the achievement of a $1 trillion economy by the year 2030
Key Elements of the Minimum Share Capital Requirement Policy
Nigerian banks must comply with the new minimum capital requirements within a 24-month period, beginning from April 1, 2024.
For existing banks, the new minimum share capital requirement includes paid-up capital and share premium only. Bonus issues, shareholders’ funds, and other reserves and AT1 Capital shall not be recognized for the purpose of meeting the new minimum capital requirements
Banks are required to submit an implementation plan for the minimum share capital requirement, not later than April 30, 2024, indicating the proposed option and timelines for meeting the new capital requirement.
S/N | Bank Categorization | Minimum Share Capital ( | Cut off Date |
1 | International Commercial Banks: | 500,000,000,000 | March 31, 2026 |
2 | National Commercial Banks | 200,000,000,000 | March 31, 2026 |
3 | Regional Commercial Banks | 50,000,000,000 | March 31, 2026 |
4 | National Merchant Banks: | 50,000,000,000 | March 31, 2026 |
5 | National Non-Interest Banks | 20,000,000,000 | March 31, 2026 |
6 | Regional Non-Interest Banks | 10,000,000,000 | March 31, 2026 |
Olu A.
LL.B. (UNILAG), B.L. (Nigeria), LL.M. (UNILAG), LL.M. (Reading, U.K.)
Olu is a Partner at Balogun Harold.
olu@balogunharold.com
Kunle A.
LL.B. (UNILAG), B.L. (Nigeria), LL.M. (UNILAG), Barrister & Solicitor (Manitoba)
Kunle is a Partner at Balogun Harold.
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