Nigerian banks attracted a total of N4.61tn in new capital under the Central Bank of Nigeria’s recapitalisation programme, according to a press statement issued by the apex bank on Tuesday.
The disclosure was made at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision held at the CBN headquarters in Abuja.
The apex bank said the capital inflow followed the launch of the Banking Sector Recapitalisation Programme in 2024, which was introduced to strengthen the resilience of Nigerian banks amid ongoing economic reforms.
It stated, “The Governor outlined how Nigeria’s regulatory and supervisory reforms exemplify proactive leadership. He recalled that in 2024, the CBN anticipated upcoming challenges and launched the Banking Sector Recapitalisation Programme to strengthen the resilience of Nigerian banks.
“This proactive policy, he noted, inspired similar reforms across Africa, adding that Nigerian banks, despite navigating subsidy removals and exchange rate reforms, attracted N4.61tn in new capital, nearly 27 per cent from foreign investors, while even expanding their footprint across African markets.”
It noted that the initiative was designed to position banks to absorb shocks and support economic growth, adding that the programme had begun to yield results in terms of investor confidence and regional expansion.
The statement also highlighted the need for stronger cooperation among African financial regulators, noting that increasing cross-border financial integration requires coordinated oversight to safeguard stability.
Cardoso reiterated the CBN’s commitment to stricter corporate governance standards in the financial system.
“Our stance on corporate governance is unequivocal: zero tolerance for violations. By ending years of regulatory forbearance, we have reinforced accountability, tightened supervision, and elevated compliance standards across the sector,” he was quoted in the statement as saying.
He added that the CBN had taken steps to strengthen credit discipline by restricting banking services for chronic defaulters.
“In line with this, we have implemented a restriction of banking services to non-performing large-ticket obligors. This decisive step underscores our commitment to credit discipline, financial integrity, and accountability,” Cardoso said in the statement.
The statement added that the apex bank remained committed to orthodox monetary policy aimed at restoring price stability and strengthening policy credibility.
It also noted ongoing reforms in the financial technology space, with the CBN working to balance innovation with financial stability through improved regulatory oversight.
The forum, which attracted central bank officials and regulators from six African countries, focused on strategies to address emerging risks, including those linked to digital finance, artificial intelligence, and climate-related challenges.
PUNCH Online observed that the figure disclosed by the CBN is about N560bn higher than the N4.05tn in verified and approved capital earlier disclosed in February 2026 by the CBN governor ahead of the March 31, 2026, recapitalisation deadline.