The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigerian banks have raised 4.61 trillion naira in fresh capital as part of the ongoing recapitalisation programme. He made the disclosure on Tuesday at a high-level IMF and AFRITAC West 2 forum on financial sector regulation in Abuja.
Cardoso said nearly 27 percent of the capital came from foreign investors, despite economic reforms including subsidy removal and exchange rate changes. He noted that the initiative was introduced in 2024 to strengthen the resilience of the banking sector, with lenders expected to meet the recapitalisation deadline of March 31.
The CBN governor said the bank has adopted a zero-tolerance approach to corporate governance violations, adding that regulatory forbearance has ended to improve accountability and compliance. He also confirmed that banking services have been restricted for large borrowers with non-performing loans to enforce credit discipline.
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Cardoso added that the apex bank remains committed to orthodox monetary policies to restore price stability, while also tightening regulation of financial technology firms.
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