Providus Bank exceeds CBN recapitalisation requirement ahead of deadline

Providus Bank Limited has confirmed that it has met and surpassed the recapitalisation requirements set by the Central Bank of Nigeria, amid recent reports questioning the compliance status of some financial institutions.

In a statement released on Friday, the bank said it had already achieved the required capital base for regional commercial banks—set at ₦50 billion—since January 2025, and currently maintains a capital base of ₦65 billion.

“Providus Bank confirms that it had met its capital requirement since January 2025 and currently has a capital base of ₦65 billion which is in excess of its capital requirement,” the statement said, dismissing contrary claims as inaccurate.

The CBN had announced new recapitalisation thresholds on March 28, 2024, with implementation beginning April 1, 2024, and a compliance deadline of March 31, 2026. Under the framework, international banks are required to hold ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion in capital.

The apex bank noted that the exercise is aimed at strengthening Nigeria’s financial system, with at least 30 banks already meeting the new requirements ahead of the deadline.

CBN Governor, Olayemi Cardoso, disclosed that lenders had collectively raised significant capital, with verified and approved capital raising reaching ₦4.05 trillion as of February 2026.

The development underscores growing compliance within the banking sector as institutions position themselves to meet regulatory standards and enhance financial stability.