Providus Bank Limited has firmly addressed recent media speculation about its recapitalisation status, confirming full compliance with Central Bank of Nigeria (CBN) guidelines.
The bank emphasised that under the CBN’s recapitalisation framework, regional commercial banks must maintain a minimum capital base of N50 billion.
Providus Bank stated it achieved this milestone back in January 2025 and now boasts a robust capital base of N65 billion—well above the required threshold.
The CBN launched its banking sector recapitalisation exercise on March 28, 2024, mandating banks in the country to raise their capital bases to various levels by March 31, 2026. This reform seeks to bolster financial resilience, enable bigger loans for economic growth, and spur sector consolidation in support of Nigeria’s infrastructure and energy needs
“This clarification is essential amid reports on various banks’ progress,” the bank noted in an official statement.
It dismissed any claims suggesting non-compliance as inconsistent with its strong regulatory standing.
The announcement comes as Nigeria’s banking sector continues navigating the CBN’s aggressive recapitalisation drive, aimed at bolstering financial stability amid economic pressures.
With barely a week left until the March 31, 2026, deadline, the CBN confirmed on March 6, that 30 of 33 banks have complied, raising over N4 trillion via rights issues and IPOs; the rest are under verification.
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