The Central Bank of Nigeria (CBN) is set to closely oversee the recapitalization efforts within the Nigerian banking sector, in partnership with law enforcement agencies, with the aim of curbing illicit financing activities. 

This directive was revealed by Haruna Mustafa, the Director of the CBN’s Financial Policy and Regulation Department, in a circular issued on Friday. 

The circular, directed at commercial, merchant, and non-interest banks, as well as promoters of proposed banks, outlines the new minimum capital requirements for banks. 

The CBN emphasized its commitment to enforcing these requirements in collaboration with relevant law enforcement agencies to ensure that the capital raised during the recapitalization process adheres to legal standards.