The Central Bank of Nigeria (CBN) says 33 banks out of 38 met the revised minimum capital requirements under its recapitalisation programme aimed at strengthening the resilience of the financial system.
In a statement on Wednesday, CBN said the programme, which
commenced in March 2024, has now been concluded after a 24-month implementation
period.
According to the statement jointly signed by Hakama
Sidi-Ali, acting director of corporate communications and Olubukola Akinwunmi,
director banking supervision, the CBN said banks raised a total of N4.65
trillion under its recapitalisation programme.
“The programme recorded strong participation from both
domestic and international investors, with 72.55% of capital sourced locally
and 27.45% from international markets, reflecting sustained confidence in the
Nigerian banking sector,” CBN said.
Olayemi Cardoso, governor of the CBN, said the programme has
reinforced the capital base of Nigerian banks and positioned the sector to
better support economic growth.
“The recapitalisation programme has strengthened the capital
base of Nigerian banks, reinforcing the resilience of the financial system and
ensuring it is well-positioned to support economic growth and withstand
domestic and external shocks,” Cardoso said.
The apex bank said some banks are still undergoing
regulatory and judicial processes.
“The CBN confirms that 33 banks have met the revised minimum
capital requirements established under the programme. A limited number of
institutions remain subject to ongoing regulatory and judicial processes, which
are being addressed through established supervisory and legal frameworks,” the
financial regulator said.
CBN also assured that “all banks remain fully operational,
with no disruption to banking services”.
According to the regulator, the recapitalisation has
strengthened capital adequacy ratios (CAR) across the banking sector, with
levels remaining above international benchmarks under the Bank for
International Settlements (Basel standards).
“Minimum CAR thresholds remain at 10% for regional and
national banks and 15% for banks with international authorization,” the apex
bank said.
“The recapitalisation, implemented alongside an orderly exit
from regulatory forbearance, has improved asset quality, reinforcing balance
sheet transparency and overall financial system stability.”
To sustain the gains, the CBN said it has strengthened its
risk-based supervisory framework, requiring banks to conduct regular stress
testing and maintain adequate capital buffers.
The regulator added that prudential guidelines and
supervisory processes will continue to be reviewed periodically to support
improved governance, risk management, and overall sector stability.
“The successful completion of the programme establishes a
stronger and more resilient banking system, better positioned to support
lending, mobilise savings, and withstand domestic and global shocks,” CBN said.
The regulator added that its commitment to maintaining a
stable and transparent financial system inspires confidence among depositors,
investors, and the wider public.
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