The president of the Bank Customers’ Association of Nigeria, Uju Ogunbunka, has reassured Nigerians that bank customers have nothing to fear as the recapitalization deadline set by the Central Bank of Nigeria approaches. Speaking during an interview, he said depositors’ funds remain safe even if some banks fail to meet the new capital requirements.

Ogunbunka explained that any financial institution unable to satisfy the minimum capital threshold or secure a merger before March 31 would simply have its customers transferred to stronger banks. According to him, such transitions are standard in the banking system and are designed to protect depositors rather than expose them to risk.

He also noted that the exact number of banks that have met the new requirements cannot be confirmed yet because compliance figures change daily. However, he pointed out that recent information from the apex bank indicates that at least 20 financial institutions have already satisfied the recapitalization benchmark.

The CBN introduced the new capital standards in March 2024 as part of reforms aimed at strengthening Nigeria’s banking sector. Analysts say the policy is intended to create more resilient banks capable of supporting economic growth, while industry leaders continue urging customers to remain calm as the deadline draws closer.