The Central Bank of Nigeria (CBN) has said the stronger capital base achieved through the banking sector recapitalisation programme is only the beginning of a broader reform process focused on governance, risk management and productive lending.
The apex bank said 33 banks met the revised minimum capital requirements and collectively raised ₦4.65 trillion during the two-year recapitalisation programme.
CBN Deputy Governor, Corporate Services, Muhammad Sani Abdullahi, said banks must now demonstrate that their stronger balance sheets can support viable businesses, infrastructure, industrial expansion and international trade while maintaining adequate safeguards against financial risks.
He stressed that recapitalisation should be measured not only by the amount of capital raised but also by the quality of banking services and the productive economic activity supported by the additional capital.
The CBN is also tightening its focus on corporate governance, asset quality, liquidity, large exposures and cybersecurity. Banks are expected to strengthen internal controls, identify risks early and maintain responsible lending practices.
The central bank said Nigeria’s ambition of building a $1 trillion economy by 2030 will require banks capable of mobilising and allocating capital on a much larger scale.
It added that stronger banks should ultimately translate into greater access to finance and improved services for businesses, households and underserved communities.
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