By Abigail Mbah
The Central Bank of Nigeria has warned banks to strengthen cybersecurity and risk controls following the completion of a major recapitalisation drive that raised ₦4.65 trillion.
Speaking at the 38th seminar organised by the Finance Correspondents Association of Nigeria (FICAN), CBN Deputy Governor for Corporate Services, Dr. Muhammad Sani Abdullahi, said the fresh capital gives banks stronger balance sheets but is only a starting point. Boards and management must pair it with better risk management, especially as more services move online.
Abdullahi highlighted rising cyber threats, liquidity pressures and large exposure risks. He called on lenders to keep investing in data protection, business continuity plans and monitoring of third-party providers. He also stressed tighter oversight of concentrated exposures that could threaten system-wide stability.
The two-year recapitalisation programme, announced in March 2024, saw 33 banks meet the new minimum capital requirements. The CBN now expects those stronger balance sheets to support lending to the real economy, including manufacturing, power, infrastructure and small businesses, as Nigeria works toward a $1 trillion economy.
Abdullahi noted that capital alone cannot guarantee stability. Poor governance, weak controls or cyber incidents could quickly erode the gains. The central bank plans closer supervision of governance, asset quality, liquidity and operational resilience in the post-recapitalisation period.
The warning comes as Nigerian banks expand digital channels and face growing threats from cyberattacks and third-party dependencies. Regulators are pushing continuous investment in cybersecurity and recovery systems so customers can keep accessing services even when systems come under pressure.