Nigerian Banks in Global Ascent, Recap Drive on Track – CBN
By Nasir Dambatta
Nigeria’s banking sector is entering a bold new phase, with the Central Bank of Nigeria (CBN) affirming that the ongoing recapitalisation process is firmly on course—and that Nigerian banks are gaining global ground.
Dr. Olubukola Akinwumi, Director of Banking Supervision at the CBN, disclosed that local banks are showing strong readiness, resilience, and investor appeal, even amid currency fluctuations and global uncertainty.
“Recapitalisation is not just a financial adjustment—it’s a strategic leap. Nigerian banks are rising in credibility, and the world is taking notice,” Akinwumi stated.
The Federal Government’s push to revamp critical sectors such as agriculture, health, education, and infrastructure is also creating fertile ground for stronger financial institutions. The CBN is facilitating this transformation by providing banks with multiple capital-raising options: public offerings, rights issues, private placements, and mergers.
To safeguard this progress, the apex bank is intensifying scrutiny of foreign inflows to shut out illicit financial streams and ensure only clean capital enters the system.
Backing this momentum, UBA’s Group Managing Director, Oliver Alawuba, hailed the recapitalisation as a chance to reposition Nigerian banks as continental leaders. “Our banks are expanding across Africa, but it starts with us believing in the system—buying Nigerian, banking Nigerian,” he urged.
He also advocated for some regulatory wiggle room for institutions that may need a short grace period to meet the recapitalisation targets.
As the recapitalization deadline approaches, analysts noted a renewed confidence in Nigeria’s banking architecture—poised not just to withstand shocks, but to compete and win on a global scale.
