The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Tuesday disclosed that 14 commercial banks have successfully met the apex bank’s new minimum capital requirement.
Cardoso made this known while addressing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja, where key decisions on the economy and financial sector stability were announced.
He said the banking sector had shown resilience despite economic headwinds, with most financial soundness indicators performing within acceptable benchmarks.
“Members also acknowledged the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement,” Cardoso stated.
The CBN governor noted that the termination of forbearance measures and waivers for civil obligors had improved transparency, strengthened risk management, and promoted long-term financial stability.
He assured that the removal of the forbearance policy posed no threat to the system.
In March 2024, the CBN raised the minimum capital base for commercial banks with international authorisation to ₦500 billion, compelling lenders to source fresh funds through rights issues, public offers, and foreign listings.
Since then, some banks have taken bold steps to shore up their capital base. Zenith Bank, for instance, raised ₦350.46 billion through a rights issue and public offer, while Guaranty Trust Holding Company Plc (GTCO) launched a fully marketed offering on the London Stock Exchange in July.
As of July, only eight banks had been confirmed to have met the recapitalisation target. With the latest update, the number has risen to 14, signalling increasing compliance within the sector.
The recapitalisation exercise is part of the apex bank’s wider reforms aimed at building a more resilient financial system and protecting depositors in the face of global and domestic economic shocks.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
