Nigeria’s financial regulators have expressed confidence in the strength and resilience of the country’s financial system, citing the successful completion of the banking sector recapitalisation exercise and the strong performance of the capital market as evidence that ongoing reforms are yielding positive results.
This was contained in a communiqué issued at the end of the 80th meeting of the Financial Services Regulation Coordinating Committee (FSRCC) held on May 25, 2026, in Abuja under the chairmanship of the Governor of the Central Bank of Nigeria (CBN).
According to the communiqué signed by Rita I. Sike, secretary of the FSRCC, the committee reaffirmed its commitment to preserving the stability, resilience and integrity of Nigeria’s financial system.
The meeting was attended by all six statutory members and three observer institutions, including the Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), National Pension Commission (PenCom), Corporate Affairs Commission (CAC), Financial Reporting Council of Nigeria (FRC), Federal Inland Revenue Service (FIRS) and the Federal Ministry of Finance.
“The FSRCC noted the strong performance of the Nigerian capital market, with market capitalisation exceeding N161 trillion and growing domestic investor participation,” Sike said in the communiqué.
The committee also acknowledged the successful completion of the banking sector recapitalisation exercise and ongoing capitalisation reforms in the capital market, insurance and pension sectors, noting that the measures were expected to further strengthen the resilience of the financial sector.
The regulators further reviewed developments across the financial system and welcomed reforms aimed at improving efficiency, transparency and investor confidence.
According to the communiqué, members highlighted recent innovations including the use of artificial intelligence to improve company registration processes, reforms in the insurance industry, improvements in tax administration, pension sector deepening initiatives, stronger sustainability reporting standards and efforts to improve the quality and consistency of financial reporting.
The committee also reviewed efforts to sustain payments to depositors affected by the failure of Heritage Bank, Union Savings & Loans Limited. and Aso Savings & Loans Limited.
While welcoming the progress made, the FSRCC noted that challenges remained, particularly those arising from judicial processes and documentation gaps affecting the resolution process.
Despite the positive assessment of the financial sector, the committee expressed concern over the activities of illegal financial operators and rising cybersecurity threats.
Members stressed the need for stronger collaboration among regulators and other stakeholders to address emerging risks and protect consumers.
The committee also underscored the role of state and local governments in supporting economic growth and expanding access to finance through reforms that promote transparency, accountability and liquidity.
To sustain financial stability, the FSRCC resolved to maintain fiscal discipline and strengthen coordination between fiscal and monetary authorities. It also pledged to enhance oversight of fintech companies and crypto assets while supporting innovation within the financial system.
In addition, the committee agreed to intensify actions against illegal financial operators, encourage subnational governments to utilise structured capital market instruments for project financing and deepen cooperation among regulators to promote a more responsive regulatory environment.
As part of its implementation measures, the FSRCC said it would deploy predictive analytics and artificial intelligence tools to detect illegal financial activities early, intensify public awareness campaigns, expand the use of USSD channels to help the public verify licensed entities and establish a dedicated cybersecurity working group across member agencies.
The committee said the measures would help preserve confidence in the financial system while supporting sustainable growth and financial sector development.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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