The milestone places Parallex Bank among the institutions that have complied with the apex bank’s directive aimed at boosting the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the development, the Managing Director, Dr. Olufemi Bakre, highlighted that the accomplishment underscores the bank’s commitment to excellence and long-term value creation.
“This milestone shows that excellence, when consistently pursued, delivers sustainable results. With a stronger capital position, we are now better equipped to expand lending, deepen financial inclusion, and deliver innovative, customer-focused solutions across the economy,” Bakre said.
The recapitalisation programme, introduced by the Central Bank of Nigeria, is part of broader efforts to ensure a more robust banking system capable of withstanding economic shocks while supporting long-term economic growth.
Bakre also praised the Board of Directors and stakeholders for their strategic guidance and timely support, which he said were critical to meeting the recapitalisation requirement within the stipulated timeframe. He noted that strong governance and disciplined capital planning provided a foundation for effective execution across the institution.
With this strengthened capital base, Parallex Bank is positioned to continue its expansion and play a significant role in advancing Nigeria’s financial sector.