President Bola Tinubu has commended the Governor of the Central Bank of Nigeria, Olayemi Cardoso, for ongoing reforms at the apex bank, describing them as key to stabilising the economy and supporting long-term growth.
Speaking after the March 31, 2026 deadline for bank recapitalisation, Tinubu said recent measures, including foreign exchange adjustments and tighter financial regulations, were helping to improve investor confidence and strengthen the financial system.
“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” the President said in a video clip, adding that the CBN governor has shown a clear understanding of “what to do and when and how to do it.”
The recapitalisation exercise covered several banks, including intervention institutions such as Union Bank of Nigeria, Polaris Bank, and Keystone Bank, which are yet to fully meet their capital requirements due to ongoing legal and regulatory issues. The CBN said the banks remain stable and operational.
An earlier audit by the regulator identified issues in the books of Union Bank, leading to the removal of its board and senior management in January 2024. The decision is currently being challenged in court, with the apex bank pursuing an appeal.
The proposed merger between Providus Bank and Unity Bank is also facing legal hurdles, though officials say the process is nearing resolution.
For Polaris Bank and Keystone Bank, recapitalisation efforts are ongoing under regulatory supervision, with both institutions expected to complete the process after outstanding issues are addressed.
Under the new framework, the CBN introduced higher minimum capital requirements, including N500bn for international banks and N200bn for national banks, marking a significant shift in Nigeria’s banking regulatory structure.
