CBN, SEC, NDIC team Set to verify banks’ new capital base

A high-level tripartite committee of the three major regulators of the financial services sector has been formed to scrutinise new funds being raised by banks under the ongoing recapitalisation in the banking sector.

Members of the committee are drawn from Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and Nigeria Deposit Insurance Corporation (NDIC).

Three banks – Fidelity Bank Plc, Guaranty Trust Holding Company (GTCO) Plc and Access Holdings Plc – have already concluded their offer periods.

They are expected to submit the key details of funds raised and subscribers to the committee for verification.

Under the guidelines for the recapitalisation exercise, capital verification is a major requirement before the clearance of the allotment proposal and release of the funds to the bank for onward completion of the offer process and addition of the new capital to its capital base.