Matters of The Nigerian Bar

WHEN CAPITAL ISN'T CASH: A LEGAL AND FINANCIAL ANALYSIS OF BANK CAPITALISATION IN NIGERIA | Lydia Ehisuoria Ohonsi, Esq.

​I. Introduction ​The Central Bank of Nigeria ('CBN') issued a landmark directive in March 2023 mandating a comprehensive recapitalisation of Nigerian commercial banks. Pursuant to the directive, commercial banks with international authorisation are required to attain a minimum paid-up capital of ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion, with a compliance deadline of 31 March 2026. The directive triggered a wave of capital-raising activity across the banking sector, including rights issues, public off…