BREAKING: CBN Speaks On Banking Sector Stability, Confirms Recapitalised Banks

CBN has spoken on the banking sector stability and confirmed the number of recapitalised banks in Nigeria.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has confirmed that 33 banks have successfully met the revised minimum capital requirements ahead of the March 31 recapitalisation deadline, while a few others remain under regulatory and judicial review.

According to information obtained by NewsOnline Nigeria, 33 of the more than 40 banks operating in Nigeria completed the recapitalisation process within the deadline set by the apex bank to strengthen the financial system and raise capital thresholds.

However, about nine banks are still navigating regulatory and judicial processes, which authorities say are being handled through established supervisory and legal frameworks.

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In a statement released on Wednesday, the CBN reassured the public that the situation does not affect banking operations. The statement was jointly signed by Olubukola A. Akinwunmi, Director of Banking Supervision, and Hakama Sidi Ali, Acting Director of Corporate Communications at the apex bank.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme. A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks,” the statement said.

The regulator further emphasized that all banks in the country remain fully operational, assuring customers of uninterrupted access to banking services despite the ongoing processes affecting a few institutions.

The recapitalisation exercise is part of broader reforms introduced by the Central Bank of Nigeria to strengthen the resilience of Nigeria’s banking sector, improve financial stability, and enhance the capacity of lenders to support economic growth.