The Chief Finance Officer (CFO) of Parthian Partners, Mr. Olayinka Arewa, has said that the on – going banking recapitalisation will be successful.

Arewa stated this at the annual workshop of Finance Correspondents Association of Nigeria (FICAN) held at the weekend in Lagos with the theme, “‘Nigeria’s Journey Towards $1trillion Economy: Impact of Banks’ Re-Capitalisation, Opportunities for Fintechs, Real Sector.”

According to the banking sector recapitalisation guidelines unveiled by the Central Bank of Nigeria (CBN) on March 28, international banks are expected to raise their capital base to N500 billion, national banks, N200 billion and regional banks N50 billion.

Arewa, who represented the Managing Director/ CEO of Parthian Partners, Mr. Oluseye Olusoga, said: “We are very optimistic on the successful outcome of the exercise.

We have done it before with the 2004 banking recapitalisation.” He noted that in 2004, Nigeria had 89 banks and a fragmented industry with minimum capital base of N2 billion, translating to about $250 million back then.