The Association of Corporate Affairs Managers of Banks has formally commended the Nigerian banking sector for its robust performance in meeting the Central Bank of Nigeria’s stringent new capital requirements ahead of the 31 March 2026 deadline.
With over 96 per cent compliance recorded across the industry, the umbrella body for corporate communications professionals in the sector hailed the milestone as a testament to the strength and adaptability of Nigerian financial institutions.
The recapitalisation exercise, which began in March 2024, set aggressive new benchmarks for banks, ranging from N50bn for regional licences to N500bn for banks with international affiliations.
According to the CBN, 32 banks have successfully met these requirements, positioning the sector to play a critical role in the country’s economic roadmap.
In a statement on Monday, the president of ACAMB, Jide Sipe, indicated, “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.”
The recapitalisation programme is viewed as a vital pillar for Nigeria’s transition toward a $1tn economy. By strengthening the capital base, the CBN aims to enhance the industry’s capacity to mobilise long-term capital and support high-impact investments.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
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 $1tn economy,” stated the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
The industry’s success comes on the heels of major international recognition for the apex bank. ACAMB extended special praise to Governor Cardoso for his disciplined regulatory oversight, noting that the CBN was recently named ‘Central Bank of the Year 2026’ by the London-based Central Banking Awards Committee.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” Sipe added. “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 remain unbroken.”
As the March 31 deadline concludes, the focus now shifts toward leveraging this enhanced capital base to drive inclusive growth, transparency, and sustainable development across Nigeria’s financial ecosystem.
