The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, announced an increase in foreign investment into Nigerian banks during the ongoing recapitalisation exercise.
Speaking at the Afrinvest 2024 Banking Sector Report Launch in Abuja, Cardoso, represented by Mr. John Onoja, Acting Director of Financial Policy and Regulations, emphasized the exercise’s importance in strengthening the banking sector and supporting Nigeria’s goal of achieving a $1 trillion economy by 2030.
Cardoso assured that the CBN is vigilant to prevent illicit funds from entering the banking system and is committed to maintaining stringent criteria for new shareholders, board members, and senior management.
The recapitalisation is expected to enhance banks’ lending capacity, attract foreign direct investment, and improve liquidity in the foreign exchange market.
He added that the initiative offers opportunities for smaller investors to own shares in banks and boosts the equity market. Foreign investors are guaranteed that their capital can be repatriated without loss if not fully utilized.
(Vanguard)