Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says about 14 banks have met the regulatory capital requirements.
Cardoso spoke on the funding progress during a news conference on Tuesday in Abuja, while announcing the decisions of the CBN’s monetary policy committee (MPC).
“On the financial sector, the MPC noted the continued resilience of the banking system with most of the financial soundness indicators remaining within projected benchmarks,” he said.
“Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.
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“They therefore urge the bank to continue the implementation of policies and initiatives that will ensure the successful completion of the ongoing recapitalisation exercise.”
The CBN governor said the committee also acknowledged the successful termination of forbearance measures and waivers on civil obligors, which have helped to promote transparency, risk management, and long-term financial stability in the banking system.
He added that the MPC reassured the public that the impact of the removal of forbearance is transitory and poses no risk to the soundness or stability of the banking system.
On March 28, 2024, the CBN announced an increase in the minimum capital requirements for commercial banks with international licences to N500 billion.
Following the development, several banks announced plans to raise funds through various means — including shares and bond issuances.
In January, Zenith Bank said it raised N350.46 billion through rights issue and public offer to meet the CBN minimum capital requirement.
Guaranty Trust Holding Company Plc (GTCO), on July 4, said it successfully priced its fully marketed offering on the London Stock Exchange (LSE).
On July 22, the CBN said only eight banks had fully met their recapitalisation requirements.
