CBN Reports 33 Banks Meet Recapitalization Targets

The Central Bank of Nigeria (CBN) confirmed that 33 commercial banks have met the revised minimum capital requirements as part of a recent recapitalization program, raising a total of N4.65 trillion over a 24-month period. This initiative aims to strengthen the country's financial system and ensure that banks can support economic growth and absorb shocks.

The CBN highlighted that 72.55% of the capital raised came from domestic investors, reflecting growing confidence among Nigerian investors in the banking sector. The recapitalization process was executed without disrupting bank operations, although banks that did not meet the target will face regulatory judicial reviews.

Notably, Union Bank is currently undergoing a merger with Titan Bank. The CBN first announced the recapitalization plan in November 2023, with Governor Yemi Cardoso at the helm, stating that the targets seemed ambitious but were ultimately achieved.