Olayemi Cardoso, the CBN governor, spoke on Tuesday during a
press conference held after the 303rd monetary policy committee (MPC) meeting
in Abuja.

He said the MPC expressed satisfaction with the sustained
resilience of the banking system, with most financial soundness indicators
remaining within regulatory thresholds.

“Members also acknowledged the substantial progress in the
ongoing recapitalisation program, with 16 banks achieving full compliance with
revised capital requirements,” Cardoso said.

He said the committee therefore urged the CBN to ensure a
successful implementation and conclusion of the programme.

Speaking further, Cardoso said the banks are currently
working to strengthen their financial buffers.

He explained that this is the intended outcome of the
ongoing recapitalisation process, noting that 27 banks have raised capital so
far.

“16 of them have fully complied. 27 of them have, through
various means, raised capital,” Cardoso said.

“We are monitoring the developments and from every
indication, it is going in the right trajectory.”

According to the governor, the country is now focused on
developing a financial sector that is fit for purpose — one capable of building
strong buffers and supporting the nation effectively in the years ahead.

“Many of you will also know that many of our banks are out
on the African continent, and they have been innovative in various fairs,” he
said.

“Again, these buffers that they are creating will help them
to be in a position to better navigate the risks in the multiplicity of
countries in which they operate.

“In return, that helps the Nigerians as well — the Nigerian
traders, the Nigerian individuals —who go across all these various
geographies.”

On March 28, 2024, CBN announced an increase in the minimum
capital requirements for commercial banks with international licences to N500
billion.

Following the development, several banks announced plans to
raise funds through share, bond issuances.

In January, Zenith Bank said it had raised N350.46 billion
through rights issue and public offer to meet the CBN minimum capital
requirement.

Guaranty Trust Holding Company Plc (GTCO), on July 4, said
it had successfully priced its fully marketed offering on the London Stock
Exchange (LSE).

In September, the CBN governor said 14 banks fully met their
recapitalisation requirements — up from eight banks in July.