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.

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        Introduction  A free, independent, and vibrant press is one of the strongest pillars of any democratic society. It is against this background that most democratic countries  make constitutional provisions for a free press . Others even go further to enact specific laws to make affairs of governments freely available to the public. Currently, there are more than  130 countries in the world that have free press laws. They include Sweden, United States, France, South Africa and Nigeria. Nigeria did not only make  constitutional provisions in Sections 22 and 39(1) of the 1999 Constitution ( as amended) but also went ahead to enact the Freedom of Information Act  in 2011. Section 22 of the 1999  Constitution states: “ “The press, radio, television and other agencies of the mass media  shall at all times be free to uphold the fundamental objectives contained in this chapter( ie Chapter II) and uphold the responsibility and accountability of the Government to the people”  Section 39(1)  of same Constitution states : “Every person shall be entitled to freedom of expression, including freedom to hold opinions and to receive and impart ideas and information without interference” ..  To complement these constitutional provisions, Section 1 (1) of the Freedom of Information Act (FOIA) states “Notwithstanding anything contained in any other Act, law or regulation, the right of any person to access or request information, whether or not contained in any written form, which is in the custody or possession of any public official, agency or institution howsoever described, is established.” while Section  2(2), states that: “A public institution shall ensure the proper organization and maintenance of all information in its custody in a manner that facilitates public access to such information”  Primary Purpose of FOIA  According to the Act, its primary purpose is to make information about public records freely available to every Nigerian in the public interest. …

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