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From Laide Raheem, Abeokuta
The Central Bank of Nigeria (CBN) has reiterated that the on-going banking sector reforms, especially the recapitalisation drive, are pivotal to achieving Nigeria’s ambition of a $1 trillion economy by 2030.
The CBN Deputy Governor for Financial System Stability, Philip Ikeazor, who stated this at the three‑day retreat of the Association of Corporate Affairs Managers of Banks (ACAMB) in Abeokuta, the Ogun State capital, added that stronger and better‑capitalised banks will boost national development, enhance competitiveness, and improve resilience to shocks.
Ikeazor emphasised that the reforms would enable Nigerian banks to participate in the global economy and be resilient to external and internal shocks.
Delivering a lecture on the theme of the retreat, “Olumo 2025: Banks Recapitalisation and Beyond: Amplifying Brand Resilience and Stakeholders’ Financial Inclusivity”
the CBN deputy governor , who was represented by Mr Ibrahim Umar Hassan, noted the recapitalisation will make Nigerian banks “bigger, but more importantly, better,” giving them the capacity to fund large‑ticket projects and participate in the global economy.
He recalled that a similar recapitalisation exercise in 2005 consolidated Nigerian banks and made them stronger, allowing them to contribute to the economy and expand regionally.
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He emphasised further that the reforms are for the betterment of the banks, the industry, and ultimately, Nigerians and the Nigerian economy.
Ikeazor expressed optimism that a large number of banks would meet the requirements before the expiration of the deadline in the first quarter of 2026 and be recapitalised individually or through mergers.
He commended ACAMB for being a strategic partner in projecting the right message to Nigerians on how it contributes positively to the improvement in the standard of lives and living of Nigerians.
“I am confident quite a large number of banks have already met the requirement, and before the expiration of the deadline in 2026, I can assure you that all banks will be recapitalized in the sense of either individually or through mergers and whatever strategic alignments that may take place. But I promise you that without any fear of contradiction, the objectives of the exercise will be achieved.
“A lot of reforms are taking place at the Central Bank of Nigeria, under the leadership of the governor, Mr Olayemi Cardoso, and these reforms, especially in the banking sector, where we’re talking about recapitalisation, are aimed primarily to reposition Nigerian banks to make them bigger, but more importantly, better parts.
“What that means is it gives them the capacity to actually contribute to national development and growth, the ability to participate in the global economy, be more competitive and also be resilient to external and internal shocks that inevitably every economy faces from time to time.
