The Association of Corporate Affairs Managers of Banks has commended the Nigerian banking industry for demonstrating resilience and strong capacity, following an impressive compliance rate of over 96 percent ahead of the March 31 recapitalisation deadline.
The association praised financial institutions for what it described as disciplined execution of the exercise, while also lauding the regulatory oversight of the Central Bank of Nigeria.
The recapitalisation initiative, introduced in March 2024, reviewed the minimum capital requirements across banking categories. Under the policy, commercial banks with international licences were required to meet a N500 billion threshold, national banks N200 billion, and regional banks N50 billion.
Merchant banks were also set at N50 billion, while non-interest banks were pegged at N20 billion for national and N10 billion for regional operations.
Governor of the CBN, Olayemi Cardoso, had earlier disclosed that 32 banks had already met the new capital requirements ahead of the March 31, 2026 deadline, a development he said significantly strengthens the sector.
“The banking sector recapitalisation programme has recorded commendable progress… positioning it to effectively mobilise long-term capital and support productive investment,” Cardoso stated, adding that the reforms are crucial to Nigeria’s ambition of building a $1 trillion economy.
Reacting to the milestone, ACAMB President, Jide Sipe, described the high compliance rate as evidence of the industry’s adaptability and commitment to growth.
“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,” Sipe said.
He further commended the apex bank’s leadership, noting that ongoing reforms under Cardoso are reshaping the financial landscape and reinforcing investor confidence.
ACAMB also congratulated the CBN on its recent recognition as “Central Bank of the Year 2026” by the Central Banking Awards Committee in London, describing the honour as well deserved.
The association, however, urged the regulator to sustain its support for all institutions to ensure stability across the financial system and prevent gaps in compliance.
Reaffirming its commitment, ACAMB pledged continued support for policies that promote transparency, stability, and sustainable growth within Nigeria’s banking sector, noting that strong financial institutions remain critical to national economic development.