Corporate Affairs Managers Hail Banks’ 96% Recapitalisation Compliance As Deadline Ends

The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking sector for demonstrating resilience and strong capacity in meeting the March 31, 2026 recapitalisation deadline, with over 96 per cent compliance recorded across financial institutions, as the deadline ends tomorrow, March 31, 2026.

The association also praised the Central Bank of Nigeria (CBN) for its regulatory oversight, describing the exercise as a disciplined and successful industry-wide effort.

The recapitalisation programme followed a March 2024 circular issued by the CBN, which reviewed the minimum capital requirements for banks. 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 required to hold N50 billion, while non-interest banks must meet N20 billion for national licences and N10 billion for regional operations. The apex bank gave a 24-month deadline for compliance, ending March 31, 2026.

CBN Governor, Olayemi Cardoso, had earlier disclosed that 32 banks have already met the new capital requirements ahead of the deadline. He said the progress recorded under the recapitalisation programme has strengthened the resilience of the banking system and enhanced its capacity to mobilise long-term capital and support productive investments.

According to him, the exercise positions the sector to play a critical role in Nigeria’s ambition of building a $1 trillion economy, while also consolidating macroeconomic stability amid global and domestic challenges.

Cardoso emphasised that economic stability remains a shared responsibility among monetary and fiscal authorities, financial institutions, and the private sector.

Reacting to the development, ACAMB President, Jide Sipe, described the high level of compliance as a testament to the sector’s strength and adaptability.
He said the banking industry has once again demonstrated its capacity to respond effectively to regulatory changes, noting that achieving over 96 per cent compliance ahead of the deadline reflects a commitment to building a more robust financial system.

Sipe also commended the leadership of the CBN under Cardoso, stating that ongoing reforms are reshaping Nigeria’s financial landscape.
In addition, ACAMB 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 a reflection of Nigeria’s growing credibility on the global financial stage.

The association reaffirmed its commitment to supporting policies that promote transparency, stability, and sustainable growth in the banking sector, while urging continued regulatory support to ensure all institutions remain stable and well-integrated within the financial system.