The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity, and resilience following its impressive compliance ahead of the March 31 recapitalisation deadline.
With over 96% compliance already recorded, the association applauded the disciplined execution of the exercise by financial institutions and extended special praise to the Central Bank of Nigeria (CBN) for its robust regulatory oversight.
In March 2024, the CBN issued a circular reviewing the minimum capital requirements for commercial, merchant, and non-interest banks.
The apex bank increased the minimum capital for commercial banks with international affiliations (mega-banks) to N500 billion, while commercial banks with national authorisation were moved to N200 billion, and those with regional licenses to N50 billion.
Other requirements included N50 billion for merchant banks, N20 billion for non-interest banks with national licenses, and N10 billion for non-interest banks with regional licenses. The 24-month timeline for compliance concludes on March 31, 2026.
The Governor of the CBN, Olayemi Cardoso, recently disclosed that 32 banks have already met the new capital requirements ahead of the deadline.
“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,” Cardoso stated.
He noted that this development is 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.
He noted that the high level of compliance underscores the sector’s stability and its commitment to building a more robust financial system capable of supporting 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.”
We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” Sipe said.
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 remain unbroken,” he added.
According to ACAMB, Governor 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.