ACAMB lauds banks on meeting recapitalisation deadline
From Peter Moses, Lagos The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for demonstrating strength, capacity and resilience, following its impressive compliance ahead of the March 31 recapitalisation deadline. With over 96 per cent compliance recorded, the association praised the disciplined execution of the exercise by financial institutions […]
From Peter Moses, Lagos
The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for demonstrating strength, capacity and resilience, following its impressive compliance ahead of the March 31 recapitalisation deadline.
With over 96 per cent compliance recorded, the association praised the disciplined execution of the exercise by financial institutions and extended special recognition to the Central Bank of Nigeria (CBN) for its effective regulatory oversight.
It would be recalled that in March 2024, the CBN issued a circular reviewing the minimum capital requirements for commercial, merchant and non-interest banks. Under the new framework, commercial banks with international licences are required to meet a minimum capital base of N500 billion, while those with national and regional licences must have N200 billion and N50 billion respectively.
Merchant banks are required to maintain N50 billion, while non-interest banks must meet N20 billion for national licences and N10 billion for regional operations. The 24-month compliance timeline is set to expire on March 31, 2026.
Governor of the CBN, Olayemi Cardoso, had earlier disclosed that 32 banks successfully met the new capital thresholds ahead of the deadline, describing the progress as a major boost to the resilience and capacity of the financial system.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to mobilise long-term capital and support productive investment,” Cardoso said.
Reacting to the development, ACAMB President, Jide Sipe, lauded the collective efforts of stakeholders and the foresight of the regulator, noting that the high level of compliance underscores the sector’s stability and commitment to building a more robust financial system.
“The Nigerian banking industry has once again demonstrated its innate strength and resilience. Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it reflects the capacity of our financial institutions to adapt and overcome,” Sipe said.
He also commended the leadership of the CBN under Cardoso, noting that ongoing reforms are reshaping Nigeria’s financial landscape.
Sipe further congratulated the apex bank on its recent recognition as “Central Bank of the Year 2026” by the Central Banking Awards Committee, describing the honour as well deserved and reflective of Nigeria’s growing global financial credibility.
“As we celebrate this progress and the well-deserved recognition, we urge the regulator to continue supporting all institutions to ensure that no one is left behind and that the stability of the financial system remains intact,” he added.
ACAMB reiterated its commitment to supporting policies that promote transparency, stability and sustainable growth, noting that the current trajectory under the CBN’s leadership is repositioning Nigeria’s economy with clarity, discipline and a transformational outlook.
The association, which serves as the umbrella body for corporate communications and marketing professionals in Nigeria’s banking sector, said it would continue to play a key role in strengthening public understanding of financial policies and enhancing the reputation of the industry.