Providus Bank Limited has announced that it has met the recapitalisation requirement set by the Central Bank of Nigeria (CBN), clarifying its position following recent media reports.
In a statement released on Friday, the bank said it considered it necessary to address reports on the recapitalisation status of some financial institutions.
“Providus Bank Limited notes recent media reports regarding the recapitalisation status of certain banks and considers it important to provide factual clarification as it relates to the Bank,” the statement sent to QEDNG said.
The bank said that under the CBN framework, regional commercial banks are required to maintain a minimum capital base of ₦50 billion.
It stated that it had met the requirement since January 2025 and currently exceeds the threshold.
“Providus Bank confirms that it had met its capital requirement since January 2025 and currently has a capital base of 65Billion which is in excess of its capital requirement,” the bank said, adding that claims suggesting otherwise do not reflect its regulatory position.
“Accordingly, any suggestion that ProvidusBank has not met the applicable recapitalisation threshold is not consistent with its current regulatory standing.”
The CBN announced new recapitalisation requirements on March 28, 2024, with implementation starting on April 1, 2024 and a deadline of March 31, 2026.
Under the framework, banks with international authorisation are required to have ₦500 billion capital, national banks ₦200 billion and regional banks ₦50 billion.
The apex bank said the exercise is aimed at strengthening the financial system.
At least 30 banks have already met the new requirements ahead of the deadline.
“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” the bank said in a statement.
CBN governor Olayemi Cardoso said lenders had raised significant capital as part of the exercise.
“As of February 19, 2026, total verified and approved capital raise stands at N4.05tn,” Mr Cardoso said.
