Providus Bank Exceeds CBN Capital Requirement, Clarifies Status

Providus Bank has officially confirmed that it has fully met and exceeded the capital requirement set by the Central Bank of Nigeria (CBN). The bank's current paid capital stands at N65 billion, significantly above the regulatory minimum of N50 billion, which it achieved as of January 2025.

This statement was made to clarify recent media reports that inaccurately suggested the bank had not met the recapitalization threshold. Providus Bank emphasized its commitment to sound financial management and robust governance standards in alignment with the CBN's prudent guidelines.

The CBN, led by Olayemi Cardoso, announced on March 28, 2024, a two-year recapitalization exercise for banks, 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 minimum capital requirements set at N500 billion for some banks, N200 billion for others, and N50 billion for commercial banks.