The Chartered Institute of Bankers of Nigeria has conferred fellowship of the institute on the Governor of the Central Bank of Nigeria, Olayemi Cardoso and the governor of Lagos State, Babajide Sanwo-Olu.
The fellowship was conferred on the duo at the 59th Annual Bankers Dinner of the Institute held in Lagos, recently.
CIBN said Cardoso and Sanwo-Olu were honoured with the fellowship for their exemplary service to the profession throughout their careers.
In his keynote address at the dinner, the CBN governor addressed the issue of cash scarcity and urged bank customers to report underperforming banks.
He also added that a significant number of banks had met their new required capital base ahead of the deadline.
He said, “To ensure that our banking system can effectively support the growth of our economy, efforts to strengthen banks’ capital buffers were announced in 2023 with a two-year implementation window. I am pleased to note that a significant number of banks have raised the required capital through the right issues and public offerings well ahead of the 2026 deadline!
“I believe that the banking sector is in a strong position to support Nigeria’s economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy.
“In the same vein, other financial institutions hold significant potential to drive productivity and economic growth by expanding access to credit and financial services for underserved individuals and businesses.
To unlock this untapped potential, we aim to strengthen key institutions—particularly primary mortgage banks and microfinance banks—to enhance their efficiency and impact.”
According to Cardoso, the apex bank’s strategy includes implementing model mortgage foreclosure laws to stimulate lending and reduce delinquency, integrating PMBs and MFBs into the GSI platform to minimise non-performing loans, and leveraging Development Finance Institutions more effectively to provide increased lending facilities to well-managed OFIs.
In March, the CBN directed banks to undergo a new round of recapitalisation.
It required commercial banks with international authorisation to increase their capital base to N500bn, while national banks must raise their capital to N200bn. Additionally, banks with regional authorisation are expected to reach a capital floor of N50bn.
The banks were required to meet the new deadline in 2026.
To enable the banks to meet the new minimum capital requirements, the CBN urged them to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription; mergers and acquisitions; and/or upgrade or downgrade of licence authorisation.
Sanwo-Olu highlighted the initiatives undertaken to further develop Lagos and enhance the welfare of its residents.
The CIBN President, Prof Olanrewaju, praised Cardoso and Sanwo-Olu for their exemplary careers while noting their alignment with the Institute’s core values of professionalism, integrity, and excellence.
