Key facts:

• The theme of the meetings is ‘Mobilising Africa’s Development Financing at Scale in a Fragmented World.’
• Approximately 3,000 participants are expected to attend.
• Africa’s infrastructure financing needs range between $184 billion and $221 billion.
• Around $400 billion is needed annually for Africa’s structural transformation.

The Central Bank of Nigeria (CBN) has initiated a recapitalisation exercise, raising minimum capital thresholds to N500 billion for international banks and N200 billion for national banks. President Bola Tinubu praised CBN Governor Olayemi Cardoso for his efforts in financial system reforms and bank recapitalisation.

Yet, the recapitalisation process for Union Bank, Polaris Bank, and Keystone Bank faces delays due to regulatory and legal issues. The CBN has also adopted a tougher regulatory stance on lenders following the recapitalisation exercise.

In January 2024, the CBN dissolved the boards and management of three banks due to serious breaches. Furthermore, the CBN introduced risk-based capital requirements to align banks’ capital levels with their risk profiles.

Olayemi Cardoso emphasized the critical role of directors in this new phase, stating, “These measures are not punitive. They are enabling, providing directors with the framework to exercise stewardship with discipline, foresight and confidence.”

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