In a recent development, the Nigerian banking sector’s recapitalization will be closely scrutinized by the Central Bank of Nigeria in partnership with law enforcement agencies.
The primary goal of this initiative is to obstruct the flow of illicit financing into the sector.
A circular issued on Friday by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at the CBN, revealed this plan.
The targeted recipients of this circular include commercial, merchant, and non-interest banks, as well as the promoters of proposed banks, outlining the new minimum capital requirements for banks.
Through collaboration with pertinent law enforcement agencies, the central bank aims to ensure that the capital raised during the recapitalization process remains untainted by any illegal activities.
More details to follow…