Amid ongoing reforms in Nigeria’s banking sector, Providus Bank Limited has reaffirmed its full compliance with regulatory capital requirements, dismissing recent media reports that suggested otherwise. The bank stated that it not only meets but exceeds the recapitalisation threshold set by the Central Bank of Nigeria (CBN), underscoring its financial stability and readiness for sustained growth.
In a detailed clarification, Providus Bank explained that under the CBN’s current recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of ₦50 billion. The bank noted that it achieved this requirement as early as January 2025 and has since strengthened its capital position.
According to the statement, Providus Bank’s paid-up capital now stands at ₦65 billion—well above the regulatory benchmark. This, the bank said, reflects its resilience, prudent financial management, and commitment to maintaining a strong balance sheet in a competitive banking environment.
The lender further emphasised that its solid capital base positions it to effectively execute its growth strategy, expand service offerings, and continue delivering value to customers and stakeholders. It added that claims suggesting non-compliance with the recapitalisation directive are inaccurate and do not reflect its current regulatory standing.
Reaffirming its commitment to transparency and sound corporate governance, the bank stated that it remains fully aligned with all prudential guidelines issued by the apex regulator.
The clarification comes against the backdrop of an ongoing banking sector reform initiated by the CBN under the leadership of Olayemi Cardoso. On March 28, 2024, the apex bank announced a comprehensive two-year recapitalisation programme, which commenced on April 1, 2024, and is scheduled to conclude on March 31, 2026.
The exercise mandates new minimum capital thresholds of ₦500 billion for banks with international licences, ₦200 billion for national banks, and ₦50 billion for regional banks. The policy is designed to strengthen the financial system, enabling Nigerian banks to absorb economic shocks, manage larger risks, and support broader economic growth in an increasingly complex global environment.
For Providus Bank, surpassing the required capital threshold well ahead of the deadline signals not only regulatory compliance but also a strategic positioning for long-term stability and competitiveness within Nigeria’s evolving banking landscape.