Zenith Bank Plc (NGX: ZENITHBANK), Access Holdings Plc (NGX: ACCESSCORP), and Wema Bank Plc (NGX: WEMABANK) are among the eight banks that have fully completed their recapitalisation requirements of the Central Bank of Nigeria (CBN), Business Day has reported on Tuesday.
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According to the report, the other five banks are: Lotus Bank, Jaiz Bank Plc (NGX: JAIZBANK), Providus Bank, Stanbic IBTC Plc (NGX: STANBIC), and Greenwich Merchant Bank.
Investogist earlier in July reported that the Central Bank of Nigeria had in its communique at the end of its 301st meeting of the bank’s Monetary Policy Committee acknowledged that while eight banks have met the recapitalization requirements, others are making progress towards meeting the deadline.
The Apex bank had in March 2024 announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks in Nigeria.
All existing banks are required to meet the minimum capital requirement within a period of 24 months, from April 1, 2024 and terminating on March 31, 2026.
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.
On the other hand, Merchant banks with national authorization will require a minimum capital of ₦50 billion.
Non-interest banks with national authorization require ₦20 billion while those with regional authorization require ₦10 billion.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
