ACAMB Praises Nigerian Banks for 96% Compliance Rate

The Association of Corporate Affairs Managers of Banks (ACAMB) has praised the resilience of Nigerian banks, noting a 96% compliance rate with the Central Bank of Nigeria's (CBN) stringent new capital requirements ahead of the March 31, 2026 deadline. This milestone reflects the strength and adaptability of Nigerian financial institutions as they prepare for a recapitalization exercise set to begin in March 2024, establishing a new benchmark for banks with licenses ranging from N50 billion to N500 billion.

Jide Sipe, ACAMB President, highlighted that the banking sector's compliance is a significant achievement, indicating the capacity of financial institutions to adapt and overcome challenges. The CBN aims to enhance the industry’s ability to mobilize long-term capital to support high-impact investments, which are critical for Nigeria's transition towards a $1 trillion economy.

Olayemi Cardoso, the CBN Governor, received special praise for his disciplined regulatory oversight, contributing to the sector's success and earning the CBN the "Central Bank of the Year 2026" award.