Tinubu applauds Cardoso on recapitalisation, reforms
President Bola Ahmed Tinubu has commended Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso for leading reforms that have led to notable transformation of the apex bank and
- Union Bank, Polaris, Keystone Banks on course
President Bola Ahmed Tinubu has commended Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso for leading reforms that have led to notable transformation of the apex bank and the entire economy.
The President said Cardoso’s policies are helping to rebuild Nigeria’s economy for long-term growth.
Speaking after the March 31, 2026 deadline for bank recapitalisation, Tinubu described Cardoso as committed and focused.
He noted that the reforms, including changes in foreign exchange system, banking recapitalisation 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 in a stirring speech that highlighted government’s macroeconomic programme.
In a personal vote of confidence and appreciation of the expertise, discipline and integrity of the CBN Governor, President Tinubu said he has unshakable confidence in Cardoso’s understanding of what to do and when and how to do it.
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.
CBN has assured the general public that these banks are still operational, stable and capable of meeting banking requirements.
In a formal statement on the conclusion of the recapitalisation exercise, the CBN had stated that the programme was successful with 33 banks meeting the revised minimum capital requirements.
The apex bank stated that over the 24-month period, Nigerian banks raised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.
“The programme recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector,” CBN stated.
In apparent reference to the three banks under its intervention management- Union Bank, Polaris Bank and Keystone Bank, the apex bank stated that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks”.
“All banks remain fully operational, ensuring continued access to banking services for customers,” CBN stated in a conclusive declaration that means all banks have transited into the post-recapitalisation phase.
Cardoso said the recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system.
He noted that the exercise has further positioned banks to support economic growth and withstand domestic and external shocks.
It would be recalled that a few months ago, the CBN conducted an audit, which identified material issues in the books of Union Bank. This culminated in the removal of its board and senior management in January 2024. That decision has since become the subject of litigation, with the banking regulator pursuing an appeal against a judgment that questioned the legality of the removals.
Similarly, the proposed merger between Providus Bank and Unity Bank is also facing legal huddles, which are said to be almost sorted out.
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.
The recapitalisation exercise raised new minimum capital levels, including N500 billion for international banks and N200 billion for national banks, marking one of the biggest reforms in Nigeria’s banking history.
