ACAMB Praises Nigerian Banks for Recapitalization Compliance

The Association of Corporate Affairs Managers of Banks (ACAMB) praised the Nigerian banking sector for its resilience, noting a 96% compliance rate ahead of the March 31, 2024, recapitalization deadline. The Central Bank of Nigeria (CBN) is set to release a circular to review the minimum capital requirements for commercial, merchant, and non-interest banks, with new minimums established for various categories: N500 billion for commercial banks with international affiliations, N200 billion for national commercial banks, N50 billion for merchant banks, and N20 billion for national non-interest banks.

The compliance deadline for these new requirements has been extended to March 31, 2026. CBN Governor Olayemi Cardoso disclosed that 32 banks have already met the new capital requirements as part of an ongoing recapitalization program.

Jide Sipe, ACAMB President, highlighted the importance of this compliance in strengthening the banking system and supporting Nigeria's economic growth.