The Central Bank of Nigeria (CBN) emphasized that further bank capitalisation is crucial for the nation’s economic stability.
CBN Governor Dr. Olayemi Cardoso, represented by Deputy Governor Mr. Philip Ikeazor, stated this at the launch of Dr. Ray Echebiri’s book “Power of One Man.”
Cardoso highlighted that the consolidation aims to make banks robust and resilient to grow the economy, similar to the efforts led by Professor Soludo.
The new capital requirements will significantly increase minimum capital levels for international and national banks to withstand economic challenges.
Eminent figures, including former President Olusegun Obasanjo and Lagos Governor Babajide Sanwo-Olu, praised the past and ongoing bank recapitalisation efforts for transforming Nigeria’s banking sector and preparing it to meet future economic headwinds.
(VANGUARD)