CBN: More Banks Amid Recapitalisation Row

The Central Bank of Nigeria, CBN has increased the number of deposit money banks in Nigeria to 23.

A non-interest/ Islamic bank, was also licensed for operation increasing the number to two.

TAJ Bank Limited joins Jaiz Bank a non-interest bank licensed by then CBN Governor Sanusi Lamido Sanusi.

The development came on the crest of CBN/MPC meeting in Abuja on Monday.

The apex bank had last month said it was considering a fresh recapitalization exercise for all commercial banks in the country.

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world,” Emefiele said in June.

The new deposit money banks are Titan Trust Bank Limited and Globus Bank Limited.

In July 2004, the CBN announced the recapitalization of the banking sector from N2 billion to N25 billion with effect from December 31, 2005.

This led to the reduction in the number of banks to 24 from 89.

Mergers and acquisition has seen the figure drop to 21

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