Abuja, Nigeria — The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced that 14 Nigerian banks have now met the new capital requirement, up from the eight that had met the deadline as of July. Speaking after the 302nd Monetary Policy Committee (MPC) meeting, Cardoso affirmed that the nation’s financial sector remains resilient despite the ongoing recapitalization process.
Cardoso noted the significant progress in the recapitalization drive, stating that most financial soundness indicators remain within the projected benchmarks. “The MPC noted the continued resilience of the banking system with most of the financial soundness indicators remaining within projected benchmarks,” he said.
No Risks to Banking System
The CBN Governor also acknowledged the successful termination of forbearance measures and waivers on single obligors by banks, a move he says has promoted transparency, risk management, and long-term financial stability. Cardoso assured the public that the impact of removing forbearance was temporary and did not pose any risk to the banking system’s soundness or stability.
A recent report had stated that 12 banks had met the new capital base, but the CBN’s announcement brings the number to 14. The banks that have reportedly crossed the finish line include Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Providus Bank, Jaiz Bank, Lotus Bank, Greenwich Merchant Bank, Premium Trust Bank, and Globus Bank.
The CBN’s March 2024 directive requires international banks to hold a minimum paid-up capital of ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion. Non-interest banks are to meet ₦20 billion and ₦10 billion benchmarks, with the new rules excluding retained earnings.
