Business
ACAMB Celebrates Nigerian Banks Over Successful Recapitalisation Drive
Nigerian banks recapitalisation compliance exceeds 96% as ACAMB praises resilience, CBN oversight, and sector strength ahead of deadline
The Association of Corporate Affairs Managers of Banks (ACAMB) has commended the Nigerian banking industry for its strong performance and resilience following widespread compliance with the March 31 recapitalisation deadline set by the Central Bank of Nigeria.
Also read: CIBN Pledges Support for ACAMB’s Strategic Vision
ACAMB described the outcome as a reflection of disciplined execution across the sector, noting that over 96 percent compliance was achieved ahead of the deadline.
The association also praised the regulatory oversight of the Central Bank of Nigeria (CBN), crediting its leadership for guiding the industry through the recapitalisation process.
The recapitalisation exercise stems from a March 2024 directive by the CBN, which reviewed minimum capital requirements for commercial, merchant and non-interest banks.
Under the framework, commercial banks with international authorisation were required to raise capital to N500 billion, while national and regional banks were required to meet N200 billion and N50 billion respectively.
Merchant banks, as well as non-interest banks, were also assigned revised capital thresholds depending on their licences.
According to CBN Governor Olayemi Cardoso, 32 banks had already met the new capital requirements ahead of the deadline.
He noted that the recapitalisation programme has strengthened the capacity of the financial system and positioned it to support long-term investment and broader economic ambitions.
ACAMB President Jide Sipe described the development as a significant milestone, stressing that the high level of compliance demonstrates the stability and adaptability of Nigerian financial institutions.
He said the achievement reflects the sector’s commitment to supporting economic growth while reinforcing confidence in the banking system.
Sipe also commended the Central Bank of Nigeria for what he described as visionary leadership under Governor Cardoso, adding that the reforms are helping to reshape the financial landscape in a meaningful way.
The ACAMB president further highlighted international recognition of the CBN, referencing its recent “Central Bank of the Year 2026” award by the London-based Central Banking Awards Committee, describing it as a notable endorsement of Nigeria’s regulatory progress on the global stage.
He urged continued collaboration between regulators and financial institutions to ensure that the stability of the banking system is maintained and that no institution is left behind in the ongoing transformation.
ACAMB reaffirmed its commitment to supporting policies that promote transparency, stability and sustainable growth within the banking sector, noting that effective communication and stakeholder engagement remain key to sustaining public trust.
Also read: Jide Sipe, UBA’s Abiodun Coker, Others Elected as ACAMB Executives
The association, which represents corporate communications and marketing professionals in the banking industry, continues to play a role in shaping public understanding of financial policies while supporting reputation management across the sector.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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