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By Chukwuma Umeorah
Providus Bank Limited has dismissed concerns over its recapitalisation status, stating that it remains fully compliant with the Central Bank of Nigeria (CBN) requirements and maintains a capital base of N65 billion.
In a statement, the bank said it had already met the regulatory threshold for regional commercial banks, which requires a minimum capital base of N50 billion, noting that the milestone was achieved in January 2025.“This clarification is essential amid reports on various banks’ progress,” the bank stated.
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The lender added that any claims suggesting non-compliance were inconsistent with its current regulatory standing, reaffirming its position within the framework set by the apex bank.
The CBN had on March 28, 2024, introduced a recapitalisation programme for banks, mandating them to raise their capital bases to new minimum levels by March 31, 2026. The policy is aimed at strengthening the resilience of the banking sector, supporting larger lending capacity, and positioning lenders to finance key sectors of the economy, including infrastructure and energy.
Providus Bank said its capital position places it above the required threshold, providing a buffer as the industry approaches the deadline. With less than a week to the cut-off date, the CBN disclosed on March 6 that 30 out of 33 banks had met the new capital requirements, collectively raising over N4 trillion through rights issues and public offerings, while the remaining institutions are undergoing verification.
The development comes amid heightened scrutiny of banks’ compliance levels, as regulators intensify oversight to ensure full adherence to the recapitalisation framework.
