The President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, has clarified the fate of customer deposits following the Central Bank of Nigeria’s (CBN) March 31 recapitalization deadline.
Ogunbunka explained on Monday in an interview that banks unable to meet the minimum capital requirements or complete a merger would have their customers transferred to other institutions.
He added, “I don’t think there is any risk here other than the bank’s customers moving to other banks in the event of an inability to secure a merger or liquidation.”
Dr Uju further reassured customers, stating, “I can’t tell the exact number of banks that have met up with CBN’s recapitalization requirement because the data is updated daily, but I think there is no cause for alarm among bank customers.”
Last month, the CBN affirmed that at least 20 banks have already met the recapitalization prerequisite.
CBN had initially increased the minimum capital requirements for banks in March 2024.
