By By Elizabeth ugbo
Nigeria’s banking industry, led by the Central Bank of Nigeria, achieved over 96% compliance with new capital requirements before the March 31, 2026 deadline. The Association of Corporate Affairs Managers of Banks announced this on Tuesday, praising Governor Olayemi Cardoso for driving reforms that strengthened the financial system and boosted global confidence.
Strong Compliance Signals Industry Resilience
ACAMB confirmed that Nigerian banks showed strong capacity and resilience during the recapitalisation exercise. According to the association, the high compliance level reflects the sector’s ability to adapt quickly.
Moreover, ACAMB President Jide Sipe praised stakeholders for their collective effort. He stressed that the milestone highlights the industry’s readiness to support economic growth.
CBN Reforms Drive Financial Stability
The Central Bank introduced revised capital requirements in March 2024. These reforms aimed to strengthen banks and prepare them for future economic demands.
Under the policy:
- International commercial banks must meet ₦500 billion capital base
- National banks require ₦200 billion
- Regional banks need ₦50 billion
- Merchant banks must have ₦50 billion
- Non-interest banks (national) require ₦20 billion
- Non-interest banks (regional) need ₦10 billion
As a result, the reforms improved banks’ capacity to absorb shocks and finance large-scale investments.
32 Banks Meet Requirements Early
Governor Cardoso revealed that 32 banks met the new capital thresholds before the deadline. He noted that this progress strengthens the banking system and supports long-term economic expansion.
He added that the recapitalisation programme positions Nigeria to mobilise capital effectively and transition toward a $1 trillion economy.
Global Recognition for Nigeria’s Central Bank
Recently, the Central Bank earned the prestigious Central Bank of the Year 2026. The London-based awards committee honoured the bank for its reform-driven leadership.
ACAMB congratulated the apex bank, stating that the recognition reflects improved credibility and global respect for Nigeria’s financial system.
ACAMB Calls for Inclusive Regulatory Support
Despite the progress, ACAMB urged regulators to sustain support across all financial institutions. The association emphasized the need to maintain system stability and ensure no institution falls behind.
Furthermore, it reaffirmed its commitment to promoting transparency, financial literacy, and positive industry perception.
Commitment to Growth and Stability
ACAMB reiterated that Nigeria’s banking sector remains strong and forward-looking. The association pledged continued collaboration with regulators to sustain reforms and drive inclusive growth.
Ultimately, stakeholders agree that stability depends on shared responsibility among regulators, banks, and the private sector.
