On 29th July, 2024, the Corporate Affairs Commission (the "CAC") exercising its authority under Section 8 (1) (e) of the Companies and Allied Matters Act (CAMA) 2020, issued new Guidelines to facilitate the recapitalization efforts of banks to assist them in the ongoing recapitalization.
This development follows a significant directive from the Central Bank of Nigeria ("CBN") on March 28, 2024, which raised the minimum capital requirements for Nigerian banks thereby necessitating an increase in their capital base.
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