Central Bank of Nigeria (CBN) has announced that only eight banks have fully met their recapitalisation requirements.
Gatekeepers News reports that CBN Governor Olayemi Cardoso made the disclosure during a press conference after the 301st monetary policy committee (MPC) meeting in Abuja.
According to Cardoso, other banks have taken steps towards complying with the deadline, and one bank has listed its shares on the London Stock Exchange (LSE). “The MPC noted that eight banks have fully met their recapitalisation requirements while others are making progress towards meeting the deadline,” Cardoso said.
The CBN governor also highlighted the stability in the banking system, evidenced by stable financial soundness indicators (FSIs).
He urged bank management to sustain its oversight of the banking system to ensure continued resilience, safety, and soundness of the financial system.
When asked about the progress of banks in meeting the recapitalisation requirements, Cardoso said, “We have one bank that has raised a significant amount of money on the London Stock. That clearly is a reflection of the way that the international investors view the banking system.”
The CBN had announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion in March 2024.
Several banks have since announced plans to raise funds through share and bond issuances to meet the requirement.
