Tinubu hails Cardoso’s reforms, banking recapitalisation

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Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso

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•Union Bank, Polaris, Keystone Banks on course

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President Bola Ahmed Tinubu has praised Olayemi Cardoso for leading reforms at the Central Bank of Nigeria (CBN), saying his policies are helping to rebuild Nigeria’s economy for long-term growth.

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Speaking after the March 31, 2026 deadline for bank recapitalisation, Tinubu described Cardoso as committed and focused. Specifically, he said the reforms, including foreign exchange changes and tighter financial regulations, have improved investor confidence and strengthened the system.

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“I must single out one man here, Olayemi Cardoso, thank you very much, for all that you are doing for the country,” President Tinubu said in a stirring speech that highlighted the government’s macroeconomic programme.

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In a personal vote of confidence and appreciation of the expertise, discipline and integrity of the CBN Governor, President Tinubu said he has unshakable confidence in Cardoso’s understanding of what to do and when and how to do it.

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The CBN Governor’s successful handling of the recapitalisation included the management framework for three intervention banks namely: Union Bank of Nigeria, Polaris Bank and Keystone Bank, which are yet to fully complete recapitalisation due to ongoing legal and regulatory issues.

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The banking watchdog has assured the general public that these banks are still operational, stable and capable of meeting banking requirements.

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It would be recalled that a few months ago, the CBN conducted an audit, which identified material issues in the books of Union Bank. This culminated in the removal of its board and senior management in January 2024. That decision has since become the subject of litigation, with the banking regulator pursuing an appeal against a judgment that questioned the legality of the removals.

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Similarly, the proposed merger between Providus Bank and Unity Bank is also facing legal huddles, which are said to be almost sorted out .

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For Polaris Bank and Keystone Bank, recapitalisation is still ongoing under close regulatory watch. Both banks were earlier rescued by the CBN and are expected to complete the process once pending issues are resolved.

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The recapitalisation exercise raised new minimum capital levels, including N500 billion for international banks and N200 billion for national banks, marking one of the biggest reforms in Nigeria’s banking history.

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