ACAMB commends banks for meeting recapitalisation deadline, applauds CBN’s global recognition

The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for demonstrating strength, capacity and resilience by largely complying with the Central Bank of Nigeria’s (CBN) recapitalisation requirements ahead of the March 31, 2026 deadline.

The association noted that with over 96 per cent compliance, the sector has shown discipline and commitment in executing the recapitalisation programme, while also praising the CBN for its regulatory leadership and oversight.

It would be recalled that in March 2024, the CBN issued a circular reviewing the minimum capital requirements for commercial, merchant and non-interest banks.

Under the new framework, the apex bank raised the minimum capital base for commercial banks with international authorisation (mega banks) to ₦500 billion, while commercial banks with national authorisation are required to have ₦200 billion and those with regional licences must maintain ₦50 billion.

Similarly, merchant banks are required to maintain a minimum capital of ₦50 billion, while non-interest banks with national licences must have ₦20 billion and those with regional licences are required to hold ₦10 billion.

The CBN gave banks 24 months to comply with the directive, with the deadline set for March 31, 2026.

Governor of the CBN, Olayemi Cardoso, recently disclosed that 32 banks have already met the new capital requirements under the recapitalisation programme ahead of the deadline.

Speaking on the development, Cardoso said the exercise has significantly strengthened the resilience of Nigeria’s banking sector.

“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 said.

He added that the progress is coming at a critical time as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges.

Cardoso also emphasised that maintaining stability in the financial system requires the collective efforts of monetary and fiscal authorities, financial institutions and the private sector.

Reacting to the development, ACAMB President, Jide Sipe, praised the banking sector and regulators for the successful implementation of the recapitalisation programme.

According to him, the high level of compliance underscores the stability of the banking sector and its readiness to support Nigeria’s economic growth ambitions.

“The Nigerian banking industry has once again demonstrated its innate strength and resilience. Achieving over 96 per cent 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,” he added.

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 presented 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 said.

According to ACAMB, Cardoso’s leadership continues to reposition Nigeria’s economy with clarity, discipline and a transformational outlook, earning the country increased respect on the global financial stage.

The association reiterated its commitment to supporting policies that promote transparency, stability and sustainable growth within Nigeria’s banking industry.