CBN Governor Olayemi Cardoso
The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity and resilience following its enviable compliance ahead of the March 31 recapitalisation deadline.
With over 96% compliance, the association applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the Central Bank of Nigeria (CBN) for its regulatory oversight.
It will be recalled that In March 2024, the CBN released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorization, N200 billion and commercial banks with regional license, N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026.
The Governor of the CBN, Olayemi Cardoso, had disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.
Recently on the banks compliance, Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy.”
He noted that the development, was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.
Commenting on the development, ACAMB President Jide Sipe lauded the collective effort of stakeholders and the regulator’s foresight, and noted that the high level of compliance underscores the sector’s stability and its commitment to building a more robust financial system that can support Nigeria’s economic growth ambitions.
“The Nigerian banking industry has once again demonstrated its innate strength and resilience. Achieving over 96% compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome,” Sipe said. “We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape.”
Sipe also congratulated the Central Bank of Nigeria on its recent recognition as “Central Bank of the Year 2026” by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
“As we celebrate this progress and the well-deserved ‘Central Bank of the Year’ award, we respectfully urge the regulator to continue its support for all institutions, ensuring that no one is left behind and that the stability and interconnectedness of our financial system remains unbroken,” he added.
According to ACAMB, Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage. The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.
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