Globus Bank Surpasses N200bn Capital Requirement

Globus Bank has successfully raised its paid-up capital to exceed N200 billion, thereby meeting the Central Bank of Nigeria's (CBN) recapitalization threshold required for commercial banks operating in the nation. This development was confirmed following a review of the bank's recent capital raising efforts, which included a two-stage fundraising program planned for 2024 and 2025.

Initially, the bank's paid capital base was N45.8 billion, which increased by N53 billion in 2024, bringing it to approximately N98.5 billion. Further capital mobilization in 2025 through a combination of rights issues and private placements targeted at strategic investors raised an additional N102 billion.

The CBN's no objection letter confirmed the completion of the review, indicating that Globus Bank met the prudent conditions required for its operations. The recapitalization program is part of broader reforms initiated by CBN leadership, specifically Olayemi Cardoso, who announced the initiative on March 28, 2024, giving banks until March 31, 2026, to meet the revised capital threshold.