President Bola Tinubu has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for driving reforms aimed at stabilising the financial system and restoring investor confidence.

Tinubu gave the commendation during the inauguration of the Gateway International Airport in Ogun State.

He lauded the CBN’s foreign exchange reforms, tight regulatory measures and the bank recapitalisation exercise.

“I must single out one man here, Olayemi Cardoso, thank you very much for all that you are doing for the country,” the President said.

Tinubu expressed confidence in the leadership of the apex bank, describing Cardoso as disciplined, focused and committed in rebuilding the economy for long-term growth.

The President’s remarks come after the March 31 deadline set by the CBN for banks to meet new minimum capital requirements introduced under the recapitalisation programme.

The exercise, regarded as one of the boldest in Nigeria’s banking sector, raised minimum capital thresholds to N500 billion for international banks and N200 billion for national banks.

Although most lenders have complied with the directive, the recapitalisation process for Union Bank, Polaris Bank and Keystone Bank is still ongoing due to regulatory and legal issues.

The CBN, however, assured depositors and the public that the affected banks remain stable, operational and capable of meeting their obligations.

Union Bank’s challenges followed an audit conducted by the apex bank, which uncovered material concerns in the lender’s books.

The findings led to the removal of the bank’s board and senior management in January 2024.

The action is currently the subject of litigation, with the CBN appealing a court judgment that questioned the legality of the removals.

Polaris Bank and Keystone Bank are also undergoing recapitalisation under close regulatory supervision following earlier interventions by the CBN.

Meanwhile, the proposed merger between Providus Bank and Unity Bank is still being finalised amid legal and regulatory processes, said to be nearing completion.