The Central Bank of Nigeria has ordered commercial banks to bring their equity stakes in foreign subsidiaries down to 10% of shareholders’ funds within twelve months. Access Holdings, one of sub-Saharan Africa’s largest banking groups, was among the first to publicly announce its compliance plan on May 6, 2026.
This directive is part of the “Cardoso reset”, a term used by Nigerian banking sector observers to describe the series of prudential measures introduced under current CBN Governor Olayemi Cardoso. Since his appointment, Cardoso has refocused monetary and banking policy on balance sheet stability and systemic risk reduction.
The measure has a clear prudential logic. Several large Nigerian banks have significantly expanded their foreign footprints in recent years, particularly in Anglophone Africa. This expansion was sometimes financed through mechanisms that mobilised the local balance sheet to support foreign assets. The CBN wants to reduce this interdependence.
Why does this signal matter for regional banking architecture? Because a forced reduction in foreign stakes implies either disposals or recapitalisations. In both cases, banking assets will change hands across multiple sub-Saharan African markets. This is a potential reshaping of the regional banking landscape.
For Access Holdings specifically, the group operates in more than a dozen African countries. The precise definition of what falls within the scope of “foreign stakes” under the directive is critical for calibrating the scale of the adjustment. The group indicated it would examine its options within the allotted timeframe.
This CBN move also reads within a broader context. Several large African economies are tightening their control over banking capital flows. This is not a trend specific to Nigeria. It is a structural movement in continental financial regulation, accelerated by pressures on foreign exchange reserves and sovereign balance sheets.
The structural question that now opens is the recomposition of the banking space in West Africa. If Nigerian groups reduce their footprints, who fills the gap? Regional players like Ecobank, Moroccan groups, or strengthened local entities? The answer will determine the geography of banking finance in West Africa for the next decade.