CBN banking recapitalisation drive boosts Nigeria’s financial system, with Cardoso highlighting stronger banks and growth potential

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has declared that Nigeria’s banking sector has undergone a powerful transformation following a successful recapitalisation exercise, positioning the industry to support the country’s ambition of becoming a $1tn economy.

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Cardoso made the remarks in London on Tuesday, March 18, 2026, while speaking at the Africa Capital Forum, where financial leaders and global investors gathered to discuss capital mobilisation for long-term economic growth.

The CBN governor said 32 banks have met the new capital requirements, describing the outcome as a decisive turning point for the financial system.

Cardoso added that the reforms have introduced greater liquidity and transparency, fundamentally reshaping the sector.

“We are very proud of what the Nigerian banks have been able to accomplish,” Cardoso said, noting that the institutions continue to play a dominant role across Africa and maintain a growing presence in the United Kingdom.

The forum, held alongside the state visit of President Bola Ahmed Tinubu to the United Kingdom, provided a platform for banking executives to outline how the recapitalisation drive is strengthening the industry’s capacity to fund large-scale economic activities.

Executive Director of Zenith Bank, Akin Ogunranti, said the process had demonstrated strong domestic confidence, with more than 72 per cent of the capital raised locally. The development, he said, reflects increasing depth in Nigeria’s capital markets.

Managing Director of First City Monument Bank, Yemisi Edun, noted that the recapitalisation has already expanded lending capacity, giving financial institutions greater credibility to support key sectors of the economy.

Similarly, Managing Director of First Bank of Nigeria, Segun Alebiosu, said Nigerian banks are now better positioned to handle larger transactions and attract international investment, particularly as currency reforms take hold.

He disclosed that several Nigerian banks maintain multiple operations in the United Kingdom, underscoring their expanding global footprint.

Group Managing Director of United Bank for Africa, Oliver Alawuba, said the institution’s continental presence highlights the rising global relevance of Nigerian financial institutions, with a significant share of revenue now generated outside the country.

Managing Director of Guaranty Trust Bank, Miriam Olusanya, pointed to renewed confidence in Nigeria’s banking relationships, noting that international partnerships are expected to deepen further.

Special Adviser to the President, Sanyade Okoli, emphasised that government resources alone would not be sufficient to fund Nigeria’s development ambitions, stressing the need for sustained private sector and equity investment.

Cardoso added that the CBN banking recapitalisation drive has created a stable financial environment capable of supporting sustained economic growth, describing the current period as one of rare consistency in macroeconomic stability.

The Africa Capital Forum was convened by the CBN in partnership with the UK Foreign, Commonwealth and Development Office, bringing together stakeholders to explore strategies for strengthening capital mobilisation across Africa.

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The recapitalisation programme, introduced in 2024, required banks to meet higher minimum capital thresholds through fresh injections, mergers, acquisitions, or licence restructuring, forming a central pillar of broader financial sector reforms.