20 Nigerian Banks Meet New Recapitalization Requirements

During the 304th Monetary Policy Committee meeting held in Abuja, Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), revealed that 20 banks have successfully met the new recapitalization requirements aimed at enhancing the resilience of the financial sector.

This initiative is part of a major bank recapitalization program announced by the CBN, which mandates Nigerian banks to raise their capital base within a 24-month timeframe. The exercise is set to commence on April 1, 2024, with a compliance deadline of March 31, 2026.

The framework stipulates that commercial banks must raise their minimum capital to N500 billion, while national licensed banks are required to have N200 billion, and regional licensed banks must meet a minimum of N50 billion. Cardoso noted that 33 banks are currently in the process of raising additional capital, with 20 already meeting the new minimum requirements, indicating steady progress towards a robust financial system.

Additionally, the CBN aims to reinforce the financial system's resilience to support sustainable economic growth.