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Cardoso Reaffirms CBN’s Commitment to Bank Recapitalization for Economic Growth

June 30, 2024
in Business
Cardoso Reaffirms CBN’s Commitment to Bank Recapitalization for Economic Growth
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CBN Governor, Olayemi CardosoCBN Governor, Olayemi Cardoso

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reiterated the Bank’s commitment to collaborating with relevant financial institutions, fiscal authorities, and the National Assembly in order to ensure the success of the ongoing bank recapitalization exercise.

This initiative aims to protect property rights and the interests of minority shareholders.

Mr. Cardoso, represented by the Bank’s Deputy Governor, Financial Systems Stability, Mr. Phillip Ikeazor, made this commitment on Tuesday, June 25, 2024, during his address to stakeholders on “The Impact of the Recapitalization of Nigerian Banks” at the UK-Nigerian Chamber of Commerce.

In his remarks, Mr. Ikeazor emphasized the significance of the event and restated the CBN’s dedication to fostering stronger, healthier, and more resilient banks capable of withstanding economic shocks.

He highlighted the importance of these efforts in supporting the Government’s goal of achieving a GDP of US$1 trillion by 2030.

According to the Governor, the recapitalization programme is expected to yield several benefits, including an increase in banks’ lending capacity, a boost in foreign direct investment (FDI), and an increase in foreign exchange liquidity.

The exercise is also anticipated to contribute to GDP growth, better risk management, improved credit ratings, a diversified ownership base, better governance and strategic decisions, and increased market volume and value, leading to a more vibrant equity market.

“With the recapitalization programme, our goal is to trigger the emergence of stronger, healthier, and more resilient banks,” Mr. Cardoso added.

He explained that several factors influenced the new minimum capital requirements, including macroeconomic conditions, stress test outcomes, and the need for improved risk management.

“We will rigorously enforce our ‘fit and proper criteria’ for prospective new shareholders, senior management, and board members of banks, and proactively monitor the integrity of financial statements, adequacy of financial resources, and fair valuation of banks’ post-merger balance sheets,” Mr. Cardoso assured.

Mr. Cardoso also noted the significant opportunity the recapitalization initiative presents to engage investors, policymakers, and technocrats on the critical issue of bank recapitalization in Nigeria.

Since assuming office in October 2023, his priorities at the CBN have included achieving monetary and price stability, maintaining a stable exchange rate, controlling inflation, and creating an enabling environment for businesses.

He explained that the recapitalization directive excluded retained earnings from the minimum capital requirement to simplify capital calculations and enhance transparency.

This decision, rooted in the BOFIA Act 2020, aligns with international standards like Basel III and emphasizes core capital elements to improve financial stability.
Reflecting on the successful 2004/5 Banking Sector Reforms, which consolidated the industry, increased capital bases, and boosted resilience against the global financial crisis, Mr. Cardoso assured that the current recapitalization initiative aims to build on these achievements.

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