By Erewunmi Peace

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has confirmed that 14 commercial banks have successfully met the new capital requirements set under the apex bank’s ongoing recapitalisation exercise.

Cardoso made the disclosure on Monday while briefing journalists after the Monetary Policy Committee (MPC) meeting in Abuja.

According to him, the recapitalisation programme is designed to strengthen the resilience of Nigeria’s banking sector and ensure that financial institutions remain adequately positioned to support the economy.

“We are pleased to announce that 14 of our commercial banks have fully met the new capital requirements. This is a significant step towards building a stronger, safer, and more competitive banking system,” Cardoso stated.

He explained that the move was necessary to provide banks with stronger shock-absorbing capacity amid global financial uncertainties and to boost lending to critical sectors of the economy.

The CBN Governor also noted that the recapitalisation process will continue for other banks yet to meet the requirements, assuring that no Nigerian depositor will lose their funds in the process.

This development follows the CBN’s directive earlier this year that banks must raise their minimum capital base within a specified timeframe as part of broader reforms in the financial sector.