Providus Bank Limited has clarified recent media reports concerning its compliance with the Central Bank of Nigeria’s (CBN) recapitalisation requirements, confirming that it not only met but has exceeded the mandated capital threshold.
In a statement, the bank explained that under the CBN’s recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of N50 billion. Providus Bank stated that it achieved this benchmark as early as January 2025 and has since strengthened its financial position, with a current paid-up capital of N65 billion.
The bank emphasized that this strong capital base reinforces its ability to implement growth strategies and continue delivering value to customers and stakeholders. It stressed that any suggestion of non-compliance with the CBN’s recapitalisation requirements is inaccurate and does not reflect its current regulatory standing.
Providus Bank also reiterated its commitment to robust governance and full adherence to all prudential guidelines set by the apex regulator.
The CBN, under the leadership of Governor Olayemi Cardoso, announced a two-year recapitalisation exercise on March 28, 2024, which began on April 1, 2024, and is set to conclude on March 31, 2026. The exercise requires minimum capital of N500 billion, N200 billion, and N50 billion for banks with international, national, and regional licences, respectively. The revision aims to ensure Nigerian banks can absorb bigger risks and remain resilient amid domestic and global economic challenges.
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