Bank Recapitalisation in Nigeria: Tinubu Commends CBN’s Cardoso Over Bold Financial Reforms

President Bola Ahmed Tinubu has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for his ongoing financial sector reforms, describing them as bold steps that are reshaping Nigeria’s banking system for stronger long-term economic stability. Tinubu made the remarks shortly after the March 31, 2026 bank recapitalisation deadline, praising the CBN’s direction under Cardoso’s leadership.

The President highlighted that key policy actions, including foreign exchange adjustments and tighter financial regulations, have helped restore investor confidence and improve discipline within the financial system. According to him, these reforms are part of a broader macroeconomic strategy aimed at rebuilding trust in Nigeria’s economy and positioning it for sustainable growth.

Tinubu also expressed strong personal confidence in Cardoso, applauding his leadership style and decision-making approach. He noted that the CBN Governor has shown clarity, discipline, and technical expertise in handling sensitive economic reforms at a critical time for the country’s financial sector.

As part of the recapitalisation process, the CBN has been overseeing the restructuring and regulatory review of several banks, including Union Bank of Nigeria, Polaris Bank, and Keystone Bank. While these institutions remain operational and stable, their full recapitalisation has been delayed due to ongoing legal and regulatory matters. The regulator has assured the public that depositors’ funds remain secure.

The recapitalisation exercise itself marks one of the most significant reforms in Nigeria’s banking history, raising minimum capital requirements to N500 billion for international banks and N200 billion for national banks. The CBN also continues to monitor related cases, including the Providus Bank and Unity Bank merger process, as it pushes to strengthen the resilience of the banking sector.

source: newtelegraph