CBN recapitalisation delays will not disrupt banking operations, as Olayemi Cardoso reassures lenders and investors

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has assured that deposit money banks yet to meet ongoing recapitalisation requirements will continue operations while resolving legal and regulatory challenges delaying compliance.

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Olayemi Cardoso spoke after the latest Monetary Policy Committee meeting, describing the banking sector recapitalisation exercise as largely successful and a strong signal of investor confidence in Nigeria’s economy.

The CBN governor disclosed that 33 banks had already met the new capital requirements, adding that the outcome reflected both domestic resilience and sustained foreign investor interest in the financial system.

According to him, domestic investors accounted for 74 per cent of subscriptions recorded during the exercise, while foreign investors contributed the remaining 26 per cent.

Olayemi Cardoso described the participation level as a powerful endorsement of Nigeria’s economic prospects despite ongoing macroeconomic pressures.

The CBN governor, however, acknowledged that a small number of banks were still working through legal, regulatory and judicial constraints that had slowed their recapitalisation process.

Olayemi Cardoso stressed that the affected institutions should not be viewed as fundamentally weak, noting that most of the delays were linked to procedural and timing setbacks rather than operational instability.

He explained that some banks had previously undergone regulatory interventions, reducing the time available for them to raise fresh capital compared with institutions that operated without similar restrictions.

“It would be unfair to compare their timelines directly with those of other banks that had the full period to comply,” Olayemi Cardoso said.

The governor added that the Central Bank of Nigeria remained actively engaged with all institutions still navigating the recapitalisation process.

Despite the ongoing exercise, Olayemi Cardoso maintained that Nigeria’s banking sector remains stable, with no disruption to normal banking operations across the country.

“Business continues as usual, and we support all their efforts towards resolving regulatory and legal impediments in their way,” he said.

The recapitalisation programme forms part of broader reforms introduced by the Central Bank of Nigeria to strengthen the resilience of the banking industry, improve balance sheet capacity and position lenders to better support economic growth.

Olayemi Cardoso expressed confidence that the remaining banks would continue along the recapitalisation trajectory once their outstanding legal and regulatory challenges are resolved.

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The Central Bank of Nigeria has consistently maintained that the exercise is aimed at building a stronger and more competitive financial system capable of supporting Nigeria’s long-term economic ambitions amid global uncertainty and domestic economic adjustments.