Banks hit 96% recapitalisation compliance as ACAMB applauds sector strength

The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for demonstrating resilience, capacity, and discipline, achieving over 96 percent compliance ahead of the March 31, 2026, recapitalisation deadline set by the Central Bank of Nigeria (CBN).

The association described the milestone as a strong indication of the sector’s ability to adapt to regulatory changes while maintaining stability, noting that the high compliance level reinforces confidence in Nigeria’s financial system.

The recapitalisation exercise followed a March 2024 circular by the CBN, which reviewed minimum capital requirements across banking categories. Under the new framework, commercial banks with international licences are required to maintain a minimum capital base of N500 billion, while those with national and regional licences must meet thresholds of N200 billion and N50 billion, respectively. Merchant banks are expected to hold N50 billion, while non-interest banks must maintain N20 billion for national licences and N10 billion for regional operations.

The 24-month compliance window for the directive officially ends on March 31, 2026.

Read also: CBN recapitalisation: Timeline showing how banks raised over N4.6tn

CBN Governor Olayemi Cardoso had earlier disclosed that 32 banks met the revised capital requirements ahead of the deadline, describing the outcome as a significant boost to the resilience and capacity of the banking sector.

“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements,” Cardoso said.

“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy.”

He added that the progress comes at a critical time as Nigeria seeks to consolidate macroeconomic stability amid both global and domestic headwinds, stressing that such stability requires coordinated efforts from monetary and fiscal authorities, financial institutions, and the private sector.

Reacting to the development, ACAMB President, Jide Sipe, praised the collective efforts of industry stakeholders and the foresight of the regulator, noting that the successful execution of the recapitalisation exercise underscores the sector’s commitment to long-term growth.

“The Nigerian banking industry has once again demonstrated its innate strength and resilience. Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome,” Sipe said.

He also commended the leadership of the CBN under Cardoso, stating that the regulator’s reforms are reshaping the financial landscape and strengthening institutional credibility.

“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he added.

Sipe further congratulated the apex bank on its recent recognition as “Central Bank of the Year 2026” by the London-based Central Banking Awards Committee, describing the honour as well-deserved and reflective of Nigeria’s growing reputation on the global financial stage.

While celebrating the milestone, ACAMB urged the regulator to sustain its support for all institutions, emphasising the need for inclusivity in the implementation of reforms.

Read also: Otti appeals to church leaders to encourage members on voter registration 

“As we celebrate this progress and the well-deserved ‘Central Bank of the Year’ award, we respectfully urge the regulator to continue its support for all institutions, ensuring that no one is left behind and that the stability and interconnectedness of our financial system remains unbroken,” Sipe said.

The association noted that Cardoso’s stewardship continues to reposition Nigeria’s economy with clarity, discipline, and a transformational outlook, attracting increased global recognition.

ACAMB reaffirmed its commitment to supporting policies that promote transparency, stability, and sustainable growth within the banking industry.