President expresses strong confidence in apex bank governor as recapitalisation deadline passes and financial system reforms deepen…..
President Bola Ahmed Tinubu has thrown his full support behind the ongoing reforms at the Central Bank of Nigeria, praising Governor Olayemi Cardoso for steering what he described as a critical phase in rebuilding the country’s economy.
Speaking in the aftermath of the March 31, 2026 bank recapitalisation deadline, the president highlighted the impact of recent monetary and regulatory measures, noting that they are beginning to restore investor confidence and strengthen Nigeria’s financial system.
“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” Tinubu said, offering a public endorsement of the CBN governor’s leadership.
The president went further, expressing what he called “unshakable confidence” in Cardoso’s judgment and expertise, particularly in navigating complex economic challenges and implementing reforms at a decisive moment for the banking sector.
Central to these reforms is the recapitalisation programme, one of the most ambitious overhauls in Nigeria’s banking history. The policy introduced new minimum capital thresholds, including N500 billion for international banks and N200 billion for national banks, forcing lenders to strengthen their balance sheets or consider mergers and restructuring.
The process has not been without complications. The CBN has been closely managing three institutions Union Bank of Nigeria, Polaris Bank, and Keystone Bank which are yet to fully complete their recapitalisation due to ongoing legal and regulatory issues.
Despite these challenges, the apex bank has reassured customers that all three lenders remain stable, operational, and capable of meeting their obligations.
Union Bank, in particular, has been at the center of regulatory scrutiny. An earlier audit uncovered significant issues in its financial records, leading to the removal of its board and senior management in January 2024. That action has since triggered legal disputes, with the CBN currently appealing a court ruling that questioned the decision.
Elsewhere in the sector, consolidation efforts are also facing hurdles. The proposed merger between Providus Bank and Unity Bank has encountered legal obstacles, though insiders suggest the issues are close to resolution.
For Polaris Bank and Keystone Bank both previously rescued by the regulator recapitalisation efforts are ongoing under strict supervision, with completion expected once outstanding matters are settled.
Tinubu’s remarks signal strong political backing for the CBN’s reform agenda at a time when Nigeria is seeking to stabilise its economy, attract investment, and reinforce confidence in its financial institutions.
As the dust settles on the recapitalisation exercise, attention is likely to shift toward how effectively the strengthened banking system can support broader economic growth in the months ahead.
