With this, the banks have successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals.
In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licences, within a 24-month timeline spanning April 1, 2024, to March 31, 2026.
The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.
