Providus Bank Meets CBN Capital Requirements Successfully

Providus Bank has officially confirmed that it has successfully met and exceeded the capital requirements set by the Central Bank of Nigeria (CBN). The bank's current paid capital stands at ₦65 billion, significantly above the mandated minimum capital base of ₦50 billion.

This achievement underscores the bank's resilience and commitment to sound financial management. Providus Bank clarified that recent media reports suggesting non-compliance with the CBN's recapitalization framework are inaccurate and do not reflect its current regulatory status.

The CBN, led by Olayemi Cardoso, announced on March 28, 2024, a two-year recapitalization exercise commencing on April 1, 2024, with a compliance deadline of March 31, 2026. This exercise aims to ensure that Nigerian banks can withstand domestic and external shocks, with revised capital requirements of ₦500 billion for some banks and ₦200 billion for others, while maintaining the ₦50 billion threshold for commercial banks.