Olayemi Cardoso, governor of the Central Bank of Nigeria
(CBN), says Nigerian banks have attracted N4.61 trillion in fresh capital
following the apex bank’s recapitalisation drive.
Cardoso spoke on Tuesday at the International Monetary
Fund/Africa Regional Technical Assistant Centres (IMF/AFRITAC) West 2
high-level forum on financial sector regulation and supervision in Abuja.
The statement comes as banks have less than one week to meet
the recapitalisation deadline of March 31.
On February 24, Cardoso said as of February 19, total
verified and approved capital raise totalled N4 trillion.
Speaking during the forum, he said in 2024, the CBN
anticipated upcoming challenges and inaugurated the banking sector
recapitalisation programme to strengthen the resilience of Nigerian banks.
“This proactive policy inspired similar reforms across
Africa,” Cardoso said.
“Nigerian banks in spite of navigating subsidy removals and
exchange rate reforms, attracted N4.61 trillion in new capital; nearly 27
percent from foreign investors, while also expanding their footprint across
African markets.”
Cardoso added that as financial systems across the continent
become increasingly interconnected, regulators must strengthen collaboration to
manage cross-border risks.
“As African banks and financial systems become increasingly
interconnected, collaboration among regulators is not optional but essential to
safeguard stability and ensure shared prosperity,” he said.
He also reiterated the CBN’s stance on corporate governance,
warning that the apex bank has adopted “a zero-tolerance approach to
violations”.
“Our stance on corporate governance is unequivocal; zero
tolerance for violations,” he said.
“By ending years of regulatory forbearance, we have
reinforced accountability, tightened supervision, and elevated compliance
standards across the sector.”
Cardoso said the CBN has also restricted banking services to
chronic defaulters as part of efforts to enforce credit discipline.
“In line with this, we have implemented a restriction of
banking services to non-performing large-ticket obligors,” he said.
The apex bank chief added that the measure is aimed at
strengthening repayment culture, protecting depositors, and safeguarding
financial stability.
On monetary policy, the CBN governor said the bank remains
committed to orthodox measures to restore price stability and strengthen policy
credibility.
Cardoso also highlighted ongoing efforts to regulate financial technology firms, noting that the apex bank is balancing innovation with financial system stability.
He urged African regulators to deepen cooperation and adopt
shared prudential frameworks to respond effectively to emerging risks.
In his opening remarks, Ivohasina Razafimahefa, director,
IMF/AFRITAC West 2, said the gathering served as a platform for open dialogue
between staff of the IMF and national financial regulators.
Ivohasina called for regional coordination, proactive
regulation, and ongoing dialogue among stakeholders to protect the resilience.
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