Three-Year-Old Nigerian Bank Overtakes First Bank, Union Bank in CBN Recapitalisation Race

PremiumTrust Bank, a three-year-old Nigerian bank, has surpassed First Bank and Union Bank in the Central Bank of Nigeria's recapitalization race. The bank, which commenced operations in 2022, met the N200 billion capital requirement for a national license within seven months, ahead of the March 31, 2026 deadline set by the apex bank.

PremiumTrust Bank also exceeded the new capital requirement by finalizing a rights issue and private placement, gaining CBN endorsement. The bank's CEO, Emmanuel Efe Emefienim, stated that this achievement is a defining moment for the institution and will allow for increased lending in key sectors like infrastructure and agriculture.

The move reflects the bank's ambitious plans to consolidate in a sector dominated by robust players. The CBN's recapitalization directive aims to boost balance sheets amid economic challenges like inflation and foreign exchange instability.

Jaiz Bank Plc is among the growing list of Nigerian banks that have met the recapitalization requirements, signaling a.