Eight commercial banks have fully met the recapitalization requirements according to a communique released by the Central Bank of Nigeria at the end of the 301st meeting of the bank’s Monetary Policy Committee on Tuesday.
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The Central Bank of Nigeria (CBN) has in March 2024 announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks in Nigeria.
All existing banks were required to meet the minimum capital requirement within a period of 24 months commencing from April 1, 2024 and terminating on March 31, 2026.
The APEX bank in it’s communique acknowledged that while eight banks have met the recapitalization requirements, others are making progress towards meeting the deadline.
For commercial banks with international authorisation, the minimum capital is now ₦500 billion. Commercial banks with national authorisation will require a minimum capital of ₦200 billion, while those with regional authorization will require ₦50 billion.
There 28 licensed commercial banks operating in Nigeria and under the supervision of the Central Bank. The banks are;
- Access Bank Plc
- Alpha Morgan Bank Limited
- Citibank Nigeria Limited
- Ecobank Nigeria Plc
- Fidelity Bank Plc
- First Bank Nigeria Limited
- First City Monument Bank Plc
- Globus Bank Limited
- Guaranty Bank Limited
- Keystone Bank Limited
- Nova Commercial Bank Limited
- Optimus Bank
- Parallex Bank Ltd
- Polaris Bank Ltd
- Premium Trust Bank
- Providus Bank
- Signature Bank Limited
- Stanbic IBTC Bank Plc
- Standard Chartered Bank Nigeria Ltd
- Sterling Bank Plc
- SunTrust Bank Nigeria Limited
- Tatum Bank Limited
- Titan Trust Bank Ltd
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
