The Central Bank of Nigeria (CBN) has moved to calm public concerns over banks yet to meet the new recapitalization requirements, assuring Nigerians that there is no reason to panic as the affected institutions remain stable, safe, and fully operational under close regulatory supervision.
Speaking in an interview with ARISE News on Thursday, Olubukola Akinwunmi emphasized that customers of the affected banks have nothing to fear, stressing that the institutions continue to function normally.
“They are fully operational, Nigerians are free to go in there, transact their business. They don’t need to panic or go and withdraw,” he said.
Akinwunmi noted that while a significant number of banks have successfully met the recapitalization threshold set by the apex bank, a few are still in the process of compliance due to ongoing judicial and regulatory procedures.
He identified some of the banks still working towards meeting the requirement, including Union Bank, Keystone Bank, and Polaris Bank, explaining that their delay is not due to incapacity but procedural factors.
According to him, these banks still possess the financial strength and ability to raise the required capital once the legal and regulatory processes are concluded.
“These banks have the capacity to raise the required capital, and they’re in the process of raising the capital,” he stated.
The CBN director further assured that the apex bank is maintaining strict oversight of the affected institutions to ensure stability within the financial system and protect depositors’ funds.
“The Central Bank of Nigeria maintains a very close monitoring and watch on these banks,” he added.
Beyond addressing immediate concerns, Akinwunmi explained that the recapitalization exercise itself is a strategic move aimed at strengthening the Nigerian banking sector and safeguarding it against potential economic shocks.
He said the policy is designed to ensure that banks remain resilient, well-capitalized, and capable of supporting economic activities through lending and financial intermediation.
Akinwunmi also highlighted that a strong and stable banking system ultimately builds public confidence, which is essential for increased savings, investment, and overall economic growth.
With continued regulatory supervision and clear assurances from the CBN, the Nigerian banking sector appears to remain on stable footing, as authorities urge the public to maintain confidence and carry on with their normal banking activities without fear.
Triumph Ojo
