The Central Bank of Nigeria (CBN) said it has concluded the banking sector recapitalisation programme, announcing that banks raised a total of ₦4.65 trillion. The apex bank said this in a statement issued on Wednesday, April 1, signed by its Director of Banking Supervision, Olubukola Akinwunmi, and Acting Director of Corporate Communications, Hakama Sidi Ali. …
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit detailed cybersecurity assessments under a newly deployed supervisory framework, warning that false disclosures will attract sanctions. In a circular dated March 30 and signed by Olubunmi Ayodele-Oni, Director of the Compliance Department, the apex bank announced the rollout of its …
As the March 31 deadline for bank recapitalisation set by the Central Bank of Nigeria (CBN) expires on Tuesday (tomorrow), a handful of banks remain under pressure to meet the requirement. The affected banks are still dealing with regulatory, legal and structural challenges that have slowed their progress, even as most of the industry has …
The Centre for the Promotion of Private Enterprise (CPPE) says Nigeria’s bank recapitalisation has strengthened the financial system but warns that without increased lending to businesses, the exercise will have little impact on the real economy. It gave the warning in a statement issued on Sunday, March 29, by its Chief Executive Officer, Muda Yusuf, …
The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has said Nigeria’s capital market is yet to unlock its full potential, calling for urgent collaboration among regulators, investors and issuers to drive sustainable growth and global competitiveness. Speaking at the Emerging Africa Capital Limited Investor Summit & Awards, Agama said while recent reforms …
As the Central Bank of Nigeria's (CBN) recapitalisation deadline closes on March 31, 2026, Nigeria’s banking sector is entering a new phase, with attention shifting from capital raising to the real economic impact of the exercise. The recapitalisation programme, launched in March 2024 with a 24-month compliance window from April 1, 2024, is designed to …
Just six per cent of Nigerians feel financially secure, as inflation, low incomes, squeeze households, according to a Piggyvest Savings Report 2025 released recently. The report shows that low incomes, persistent inflation and rising family responsibilities continue to erode savings capacity. It paints a stark picture of financial fragility, revealing that the vast majority of …
The Central Bank of Nigeria (CBN) says it is set to review the Federal High Court judgement on its 2024 intervention in Union Bank of Nigeria Plc, signalling possible next steps after the ruling. In a statement issued Wednesday and signed by its acting director of corporate communications, Hakama Sidi Ali, the apex bank said …
The Central Bank of Nigeria (CBN) has ordered all international money transfer operators (IMTOs) to open naira settlement accounts and route all remittance transactions through them, effectively ending dollar payouts to recipients in Nigeria. The policy, which takes effect May 1, 2026, requires that diaspora remittances be disbursed in local currency, marking a significant shift …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for stronger collaboration among African financial regulators. He made the call at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision in Abuja on Tuesday, March 24. He warned that growing cross-border linkages in the continent’s …
