Parallex Bank Limited has completed the recapitalisation requirement set by the Central Bank of Nigeria (CBN), surpassing the ₦50 billion minimum capital threshold for regional commercial banks.
The development places the bank among financial institutions that have complied with the directive by the CBN aimed at strengthening the capital base of deposit money banks, improving financial system stability and enhancing the sector’s ability to support economic growth.
Managing director of the bank Olufemi Bakre said the milestone reflects the institution’s commitment to consistent performance and long-term growth.
He said the strengthened capital position would enable Parallex Bank to expand its lending capacity, deepen financial inclusion and continue providing customer-focused financial services across different sectors of the economy.
Mr Bakre said the achievement also showed the value of discipline and sustained effort within the organisation.
“The milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results,” he said.
The CBN introduced the recapitalisation programme as part of measures to build a stronger and more resilient banking system capable of withstanding economic shocks and supporting long term economic expansion.
Bakre also commended the bank’s stakeholders, particularly the board of directors, for their guidance and support during the recapitalisation process.
According to him, the board’s commitment to strong governance and long-term value creation helped ensure that the recapitalisation requirement was met within the stipulated timeframe.
