Together with law enforcement, the Central Bank of Nigeria, or CBN, intends to keep a careful eye on the recapitalization of the Nigerian banking industry.
The goal of the action is to stop illegal funding in the industry.
This was revealed in a circular released on Friday by Haruna Mustafa, the director of the CBN’s Financial Policy and Regulation Department.
About the revised minimum capital requirements for banks, the circular addressed promoters of planned banks as well as commercial, merchant, and non-interest banks.
According to the banker, its bank will carry out the enforcement with the assistance of pertinent law enforcement organizations.
The circular states that the CBN wishes to guarantee that no illegality exists in the capital raised throughout the recapitalization process.
Remember that the minimum capital requirements for all banks have been raised by the CBN?
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