CBN Governor praised on recapitalisation

President Bola Ahmed Tinubu has praised Olayemi Cardoso for leading reforms at the Central Bank of Nigeria (CBN), saying his policies are helping to rebuild Nigeria’s economy for long-term growth. Tinubu described Cardoso as committed and focused. Specifically, he said the reforms, including foreign exchange changes and tighter financial regulations, have improved investor confidence and […]

President Bola Ahmed Tinubu has praised Olayemi Cardoso for leading reforms at the Central Bank of Nigeria (CBN), saying his policies are helping to rebuild Nigeria’s economy for long-term growth.
Tinubu described Cardoso as committed and focused. Specifically, he said the reforms, including foreign exchange changes and tighter financial regulations, have improved investor confidence and strengthened the system.
“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” President Tinubu said.
The CBN Governor’s successful handling of the recapitalisation included the management framework for three intervention banks namely: Union Bank of Nigeria, Polaris Bank and Keystone Bank, which are yet to fully complete recapitalisation due to ongoing legal and regulatory issues.
The banking watchdog has assured the general public that these banks are still operational, stable and capable of meeting banking requirements.
Similarly, the proposed merger between Providus Bank and Unity Bank is also facing legal huddles, which are said to be almost sorted out, according to the CBN.
For Polaris Bank and Keystone Bank, recapitalisation is still ongoing under close regulatory watch. Both banks were earlier rescued by the CBN and are expected to complete the process once pending issues are resolved.