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ARTICLE · 17 APRIL 2024

Gearing Up To The Proposed Banking Sector Recapitalisation Programme

Andersen in Nigeria
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On 28 March 2024, the Central Bank of Nigeria (CBN) in line with Section 9 of the Banking and Other Financial Institutions Act (BOFIA) of 2020 released a circular...

NigeriaFinance and Banking
Mayowa Salami
Mayowa Salami
Ridwan Fohunola
Ridwan Fohunola
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On 28 March 2024, the Central Bank of Nigeria (CBN) in line with Section 9 of the Banking and Other Financial Institutions Act (BOFIA) of 2020 released a circular on the review of minimum capital requirements for commercial, merchant, and non-interest banks in Nigeria. Based on the circular released, the minimum capital requirements for commercial banks with international, national and regional licenses are ₦500billion, ₦200billion and ₦50billion respectively. The capital requirement for merchant banks was scaled up to ₦50 billion while the capital base for non-interest banks was increased to ₦20billion (national banking license) and ₦10billion (regional banking license).

Objective of the 2024 Banking Recapitalisation Programme

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