30 banks met the new capital requirements

The Central Bank of Nigeria (CBN) said on Friday that 30 banks had met the new capital requirements ahead of the March 31 deadline.

This was disclosed by the Acting Director of Corporate Communications Development of CBN, Mrs. Hakama Sidi-Ali in a statement in Abuja.

He said as of March 6, the banks had met the new minimum capital requirements applicable to their respective licenses.

“In total, 33 banks have raised capital through rights issues, initial public offerings (IPOs) and private placements as part of this program.

“The remaining banks’ capital positions are currently undergoing the CBN’s routine verification process before final confirmation of compliance within the recapitalization timeframe.

“CBN reiterates that Nigeria’s banking system remains stable and healthy.

“The recapitalization program remains on track and will further strengthen the banking sector’s capacity to support households, businesses and sustainable economic growth,” said the director.

He said the CBN would continue to maintain close supervisory relationships with regulated institutions to ensure full compliance with prudential and capital requirements.

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The CBN Governor, Mr Olayemi Cardoso, earlier said the banking sector recapitalization program was proceeding according to the approved regulatory schedule.

Speaking at the closing media briefing of the 304th Monetary Policy Committee (MPC), on February 24, Cardoso said that 20 banks had fully complied with the new minimum capital requirements.

He said that the other 13 banks were at an advanced stage of their capital raising process and were expected to complete it within the stipulated time frame.