Summit Bank in Nigeria Surpasses N15.3bn Capital Base Ahead of CBN's Recapitalization Deadline

Summit Bank in Nigeria has confirmed that its regulatory capital base has exceeded the Central Bank of Nigeria's (CBN) minimum requirement, reaching N15.3 billion. The bank's Managing Director and CEO, Sirajo Salisu, attributed this achievement to the confidence of shareholders and effective oversight by the board and management.

The bank's Executive Director and COO, Mukhtar Adam, highlighted that this milestone reflects the institution's governance framework and long-term vision. Summit Bank aims to leverage its strengthened capital base to support its growth strategies, including expanding digital banking, enhancing customer experience, and supporting small and medium-scale enterprises.

The CBN's recapitalization framework mandates banks to meet new capital thresholds by March 31, 2026, with requirements ranging from N500 billion for international banks to N10 billion for regional non-interest banks. Summit Bank officially commenced operations with a commitment to delivering ethical, transparent, and inclusive banking services to Nigerians at home and abroad.