Providus Bank has confirmed it has not only met but significantly surpassed the Central Bank of Nigeria’s (CBN) minimum capital target for regional commercial banks, pushing its paid-up capital to ₦65 billion
The lender achieved full compliance as far back as January 2025 and has continued to grow its capital base since then, the bank stated in a direct response to recent media inquiries.
“Providus Bank confirms that it has met its capital requirement since January 2025 and currently has a capital base of ₦65 billion, which is in excess of its capital requirement,” the statement read. “Accordingly, any suggestion that Providus Bank has not met the applicable recapitalisation requirements is not consistent with its current regulatory standing.”
The clarification puts to rest earlier reports that had mistakenly listed Providus among banks still struggling to meet the March 31, 2026 deadline.
Under the CBN’s recapitalisation framework, regional commercial banks are required to maintain a minimum capital of ₦50 billion.
Providus has now cleared this hurdle with room to spare, well ahead of the final cutoff.
The bank is simultaneously advancing its merger with Unity Bank Plc.
This deal has already been approved by the CBN and finalised, the combined entity is expected to operate as a national commercial bank with a capital base well above the ₦200 billion requirement.
The merger, first disclosed in 2024, has been supported by a ₦700 billion intervention from the CBN to stabilise Unity Bank.
Shareholders approved it in September 2025, and integration processes are now in an advanced stage.
Providus’ confirmation adds to the growing list of banks that have successfully mer the CBN’s two-year recapitalisation exercise.
With less than two weeks to the deadline, the development is being viewed as another milestone in the sector-wide drive to strengthen financial stability.
Administrator and Writer
