![The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso [PHOTO CREDIT: Central Bank of Nigeria]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2025/10/553004406_1255310853307347_5572652078113020029_n-e1760301986206.jpg?fit=1147%2C740&ssl=1)
The Central Bank of Nigeria has stated that Nigerian banks raised N4.61 trillion in fresh capital, with nearly 27 per cent from foreign investors, ahead of the recapitalisation deadline on 31 March.
The development was disclosed on Tuesday by the CBN governor, Olayemi Cardoso, at the International Monetary Fund/Africa Regional Technical Assistant Centres (IMF/AFRITAC) West 2 high-level forum on financial sector regulation and supervision in Abuja.
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The apex bank earlier disclosed that Nigerian banks raised N4.05 trillion in recapitalisation funds by February. By early March, it reported that 30 of the 33 banks had met the minimum capital requirements through rights issues, Initial Public Offerings (IPOs), and private placements.
The exercise follows the CBN’s revised recapitalisation policy introduced in March 2024, which gives banks a 24-month window, from 1 April 2024 to 31 March 2026, to strengthen their capital base.
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While speaking at the IMF/AFRITAC forum, Mr Cardoso noted that the CBN anticipated upcoming challenges in 2024, which prompted it to impose recapitalisation exercises on the banking sector to strengthen the resilience of Nigerian banks.
The CBN governor said the N4.61 trillion raised by banks in the recapitalisation exercise, about 27 per cent from foreign investors, will inspire similar reforms across Africa and support market expansion across the continent.
Mr Cardoso also emphasised the essence of interconnected financial systems and collaboration among African banks’ regulators to safeguard stability and ensure shared prosperity across Africa.
“This proactive policy inspired similar reforms across Africa. Nigerian banks, despite navigating subsidy removals and exchange rate reforms, attracted N4.61 trillion in new capital; nearly 27 per cent from foreign investors, while also expanding their footprint across African markets.
“As African banks and financial systems become increasingly interconnected, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity,” Mr Cardoso said.
Zero tolerance for violations
The governor emphasised the CBN’s position on corporate governance, stating that it had adopted a zero-tolerance approach to violations.
He added that the CBN will fully reinforce accountability, tighten supervision, and elevate compliance standards across the banking sector by the end of regulatory forbearance.
The governor noted that the CBN has also restricted banking services to chronic defaulters as part of efforts to enforce credit discipline, strengthen repayment culture, protect depositors, and safeguard financial stability.
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“In line with this, we have implemented a restriction of banking services to non-performing large-ticket obligors,” he added.
Mr Cardoso further expressed the apex bank’s commitment to orthodox measures in monetary policy to restore price stability and strengthen policy credibility.
Highlighting the bank’s efforts to regulate financial technology firms, the governor noted that the CBN pursued efforts to balance innovation with financial system stability. He further advised African regulators to ensure prudential frameworks to effectively regulate the emerging risks.
