Tinubu hails Cardoso’s reforms, banking recapitalisation exercise

President Bola Ahmed Tinubu has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for ongoing financial reforms and the successful progress of the banking sector recapitalisation exercise.

Speaking after the March 31, 2026 deadline for bank recapitalisation, Tinubu said Cardoso’s policies are helping to strengthen Nigeria’s economy and restore investor confidence.

 

“I must single out one man here, Olayemi Cardoso. Thank you very much for all that you are doing for the country,” the President said, noting that the administration’s macroeconomic reforms are beginning to yield results.

 

Tinubu also expressed confidence in the CBN governor’s leadership, describing him as disciplined and focused in executing key policy directions.

 

The recapitalisation programme, which introduced new minimum capital requirements—N500 billion for international banks and N200 billion for national banks—is regarded as one of the most significant reforms in Nigeria’s banking history.

 

According to the CBN, the exercise included a structured framework for three intervention banks—Union Bank of Nigeria, Polaris Bank, and Keystone Bank—whose recapitalisation processes are still ongoing due to legal and regulatory issues.

 

The apex bank assured that the affected institutions remain operational and financially stable, adding that they are capable of meeting their obligations to customers.

 

It noted that Union Bank recently underwent a regulatory audit that led to management changes in January 2024, a decision now subject to ongoing legal proceedings.

 

Similarly, the proposed merger between Providus Bank and Unity Bank is also facing legal challenges, while processes involving Polaris Bank and Keystone Bank are being closely monitored by regulators.

 

The CBN maintained that all recapitalisation efforts are being carried out in line with prudential standards aimed at ensuring a stronger and more resilient banking sector.