By March 31, the ongoing recapitalisation of banks driven by the Central Bank of Nigeria (CBN) will be over.
Seen as one of the most ambitious exercises embarked on by the apex bank under the leadership of its Governor Olayemi Cardoso, the feat will create bigger and highly sophisticated banks to drive the Federal Government’s $1 trillion target.
The apex bank has continued to champion vision that upholds regulatory excellence and strengthens Nigeria’s financial system integrity and resilience.
With N4.05 trillion already in the coffers of 20 banks, the exercise promises to be highly successful with greater impact on businesses and economy.
By this month-end, the ongoing recapitalisation of banks through capital raising will be concluded. Not less than N5 trillion is expected to be raised by all the banks, when the exercise ends, but its gains will linger for decades.
One of its biggest gains remains the emergence of stronger and bigger banks ready to carry out big ticket transactions to support businesses and economy.
The CBN under the leadership of its Governor, Olayemi Cardoso believes that achieving sustainable economic growth requires strong support from the financial system.
