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President Bola Tinubu has thrown his weight behind Central Bank Governor Olayemi Cardoso, crediting his reform drive with restoring stability and rebuilding investor confidence in Nigeria’s financial system.
Speaking after the March 31, 2026 deadline for bank recapitalisation, the President described Cardoso as “committed and focused,” noting that recent policy shifts, particularly in foreign exchange management and stricter regulatory oversight, are laying the groundwork for long-term economic growth.
“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” Tinubu said, in remarks that underscored the administration’s broader macroeconomic agenda.
In a strong personal endorsement, the President added that he has “unshakable confidence” in the CBN governor’s “understanding of what to do and when and how to do it,” pointing to the central bank’s handling of the recapitalisation programme as evidence of disciplined leadership.
A key plank of the reform is the management of three intervention banks, Union Bank of Nigeria, Polaris Bank and Keystone Bank, which are yet to fully meet recapitalisation requirements due to ongoing legal and regulatory constraints. Despite the delays, the CBN has reassured the public that the institutions remain “operational, stable and capable of meeting banking requirements.”
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The regulator’s intervention in Union Bank followed an audit that uncovered material issues in its books, leading to the removal of its board and senior management in January 2024. That action is now the subject of litigation, with the CBN pursuing an appeal after a court ruling questioned the legality of the shake-up.
Elsewhere, consolidation efforts in the sector have also faced friction. The proposed merger between Providus Bank and Unity Bank has encountered legal hurdles, though officials say the issues are close to resolution.
For Polaris Bank and Keystone Bank, both previously rescued by the CBN, recapitalisation remains in progress under close supervisory watch, with completion tied to the resolution of outstanding issues.
The exercise has minimum capital thresholds, ₦500 billion for international banks and ₦200 billion for national banks. marking one of the most far-reaching overhauls of Nigeria’s banking sector in decades. The policy is designed to strengthen balance sheets, improve shock absorption, and position lenders to support a larger, more resilient economy.
