President Bola Ahmed Tinubu has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for spearheading key financial reforms and overseeing the country’s banking recapitalisation programme.
Speaking after the March 31, 2026 deadline for banks to meet new capital requirements, Tinubu described Cardoso as focused and committed, noting that his policies are helping to stabilise the economy and boost long-term growth.
The president highlighted reforms in foreign exchange management and tighter financial regulations, which he said have strengthened investor confidence and improved the resilience of Nigeria’s financial system.
“I must single out one man here, Olayemi Cardoso… for all that you are doing for the country,” Tinubu said, expressing confidence in the CBN governor’s leadership and policy direction.
As part of the recapitalisation exercise, the CBN introduced new minimum capital thresholds, including N500 billion for international banks and N200 billion for national banks—one of the most significant reforms in Nigeria’s banking sector in recent years.
Despite progress, some institutions are yet to fully comply due to ongoing legal and regulatory challenges. These include Union Bank of Nigeria, Polaris Bank, and Keystone Bank, all of which remain operational under regulatory supervision.
The apex bank assured customers that the affected banks are stable and capable of meeting their obligations. It also confirmed that recapitalisation efforts are ongoing, with close monitoring to ensure compliance.
Union Bank, in particular, has faced scrutiny following an audit that uncovered irregularities, leading to the removal of its board and senior management in January 2024. The decision is currently subject to legal proceedings.
Additionally, a proposed merger involving Providus Bank and Unity Bank is nearing resolution after facing legal hurdles.
Overall, the Tinubu administration views the recapitalisation drive as a critical step toward strengthening the banking sector, enhancing financial stability, and positioning Nigeria’s economy for sustainable growth.
