Providus Bank has stated that it has fully complied with the recapitalisation requirements set by the Central Bank of Nigeria, dismissing claims suggesting otherwise.
The bank clarified that its capital position meets regulatory thresholds following its strategic merger with Unity Bank, which significantly strengthened its financial base.
Under the CBN’s recapitalisation framework introduced in 2024, banks are required to meet new minimum capital thresholds based on their operating licences, with national banks expected to maintain at least ₦200 billion in paid-up capital.
Providus Bank explained that the merger arrangement has enabled the combined entity to exceed this requirement, positioning it among institutions that have successfully complied with the directive.
Industry data also indicates that the Providus–Unity combination has surpassed the ₦200 billion benchmark required for a national banking licence, reinforcing its financial stability and operational capacity.
The bank further noted that the merger represents one of the earliest approved transactions under the CBN’s recapitalisation programme, highlighting its proactive approach to meeting regulatory expectations.
Providus Bank emphasised that the recapitalisation process is still undergoing final regulatory and legal formalities, including court approvals, but maintained that there is no basis for concerns about its compliance status.
The development comes as Nigeria’s banking sector approaches the March 31, 2026 deadline set by the apex bank, with several institutions pursuing mergers, acquisitions, and capital raises to meet the new requirements.
The bank reaffirmed its commitment to transparency, financial stability, and supporting economic growth through strengthened capital and improved service delivery.
Editor’s note: This report clarifies an earlier one on Providus and Unity banks’ recapitalisation status.
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