ACAMB hails bank recapitalisation
By Collins Nweze The Association of Corporate and Marketing Professionals in Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity and resilience as the banking recapitalisation exercise
By Collins Nweze
The Association of Corporate and Marketing Professionals in Banks (ACAMB) has commended the Nigerian banking industry for its strength, capacity and resilience as the banking recapitalisation exercise ended yesterday.
With over 96 per cent compliance, the association applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the Central Bank of Nigeria (CBN) for its regulatory oversight.
In March 2024, the CBN released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorization, N200 billion and commercial banks with regional license, N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ended yesterday.
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Commenting on the development, ACAMB President, Jide Sipe, lauded the collective effort of stakeholders and the regulator’s foresight, and noted that the high level of compliance underscores the sector’s stability and its commitment to building a more robust financial system that can support Nigeria’s economic growth ambitions.
“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 is an indication of the capacity of our financial institutions to adapt and overcome,” Sipe said. “We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape.”
