Tinubu Praises CBN Reforms and Bank Recapitalization Efforts

President Bola Ahmed Tinubu commended the reforms initiated by Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), aimed at revitalizing Nigeria's economy through bank recapitalization. The deadline for the recapitalization process is set for March 31, 2026.

Tinubu highlighted Cardoso's commitment to specific reforms, including changes in foreign exchange, tighter financial regulations, and improved investor confidence. The recapitalization involves Union Bank Nigeria, Polaris Bank, and Keystone Bank, which are currently facing legal and regulatory challenges.

The CBN is conducting audits to identify material issues within these banks, with Union Bank's management facing removal as of January 2024 due to ongoing litigation. The recapitalization exercise aims to raise the new minimum capital levels of 500 billion for international banks and 200 billion for national banks, marking a significant reform in Nigeria's banking history.