All banks are required to meet the minimum capital requirement within 24 months
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The apex bank directed non-interest banks with national and regional authorisations to boost their capital to N20 billion and N10 billion, respectively. Olayemi Cardoso, the apex bank chief, is on a drive to help President Bola Tinubu attain his dream of a $1 trillion economy by 2030 and had enjoined banks as early as last November to brace up for a capital raise that will enable them boost capital adequacy and accelerate an economy that has seen sluggish growth since exiting a recession three years ago.
It further stated that additional Tier 1 capital – the type of capital that represents the main equity assets of a bank – does not qualify for the purpose of fulfilling the new requirement.
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