President Bola Tinubu has commended the Governor of the Central Bank of Nigeria, Olayemi Cardoso, citing ongoing reforms at the apex bank as part of efforts to stabilise the economy and support long-term growth.

Speaking after the March 31, 2026, deadline for bank recapitalisation, in a recent video clip, Tinubu described Cardoso as committed and focused, noting that recent measures, including foreign exchange adjustments and tighter financial regulations, have contributed to improving investor confidence and strengthening the financial system.

“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” the President said. Tinubu also expressed confidence in the CBN governor’s leadership, referencing his “understanding of what to do and when and how to do it.”

The recapitalisation process included oversight of three intervention banks—Union Bank of Nigeria, Polaris Bank, and Keystone Bank—which are yet to fully complete their capital requirements due to ongoing legal and regulatory issues. The CBN said the banks remain operational and stable.

An earlier audit by the apex bank identified issues in the books of Union Bank, leading to the removal of its board and senior management in January 2024. The action is currently under litigation, with the regulator pursuing an appeal against a judgment challenging the legality of the removals.

The proposed merger between Providus Bank and Unity Bank is also facing legal hurdles, although these are said to be close to resolution.

For Polaris Bank and Keystone Bank, recapitalisation efforts are ongoing under regulatory supervision. Both institutions were previously supported by the CBN and are expected to complete the process after outstanding issues are resolved.

Under the recapitalisation framework, new minimum capital thresholds were introduced, including N500bn for international banks and N200bn for national banks, representing a major shift in Nigeria’s banking regulatory structure.