The SEC DG disclosed this in a statement issued by the commission on Sunday.
In March, the Central Bank of Nigeria announced new capital requirements for the country’s banks, which were aimed at strengthening the financial institutions and achieving President Bola Tinubu’s $1tn economic target.
It urged the DMBs to expedite actions to increase their capital base to strengthen the financial system against potential risk.
The SEC framework is a direct response to the CBN’s recent directive for banks to bolster their capital base.
Currently, banks are still raising funds via the capital market and other means to raise the stipulated amount.
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