Providus Bank Limited has met and surpassed the capital requirement for a regional commercial bank set by the Central Bank of Nigeria (CBN) with a N65 billion capital base.
The bank disclosed this in a response to Nairametrics’ inquiry on its recapitalization status, noting that it had met its capital requirement since January 2025.
This is contrary to a recent media report suggesting the bank might not meet the applicable recapitalisation threshold.
Under the CBN recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of N50 billion.
What they are saying
Providus Bank described any suggestion that it has not met the regulatory requirement as inaccurate and inconsistent with its current standing with the apex bank.
- “Providus Bank confirms that it has met its capital requirement since January 2025 and currently has a capital base of N65 billion, which is in excess of its capital requirement.
- “Accordingly, any suggestion that Providus Bank has not met the applicable recapitalisation threshold is not consistent with its current regulatory standing,” the bank stated.
Get up to speed
Providus Bank and Unity Bank are currently finalizing the process of merging, which, when concluded, will change their status to become a national bank.
Just recently, the two banks confirmed that their proposed merger remains firmly on course, with integration already underway pending final court sanctions.
The banks said the transaction has secured key regulatory approvals, including backing from the CBN, positioning the combined entity to meet the N200 billion capital requirement for national banking operations.
The banks have also secured shareholders’ approval, while regulatory clearances have further strengthened confidence in the strategic combination.
Once the court grants final sanction, the enlarged institution is expected to emerge among banks that have met the new capital benchmark under the CBN’s recapitalisation framework.
While the merger has yet to be concluded, Providus Bank continues to play as one of the leading regional banks.
What you should know
Earlier this month, the CBN disclosed that 30 banks have already met the new minimum capital thresholds introduced under its ongoing banking sector recapitalisation programme.
According to the apex bank, the recapitalisation drive, which began in 2024, is progressing across the industry as financial institutions strengthen their capital bases through various fundraising strategies.
- “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.
- “In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the CBN stated.
While several banks have already achieved the required capital levels, the CBN said the remaining institutions are currently undergoing routine supervisory checks before their compliance is formally confirmed.
