Providus, Unity, Keystone, Mauritius Bank Yet to Meet CBN Recap Threshold

• 30 others meet requirement

Kayode Tokede

With just 11 days to the end of Central Bank of Nigeria (CBN) new minimum capital requirement exercise, facts have emerged that Providus  Bank Limited,  Unity Bank Plc, Keystone Bank and Mauritius Bank are yet to comply with the apex  bank sector’s recapitalisation policy.  .

A report obtained by THISDAY revealed  that Zenith Bank Plc, 29 others have met the CBN’s March 31, 2026 banking sector recapitalisation  deadline.

Unity Bank, and Keystone Bank, both national banks, required N200 billion  minimum capital while Providus, a regional bank, required N50 billion.

The recapitalisation programme, announced in 2024, raised minimum capital to N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks. Non-interest banks are required to hold N20 billion (national) and N10 billion (regional).

According to the CBN, the recapitalisation drive, which began in 2024, is progressing across the industry as financial institutions strengthen their capital bases through various fundraising strategies.

Also, the recapitalisation programme is part of broader reforms aimed at strengthening Nigeria’s financial system and positioning banks to better support economic growth.

The Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali in a statement had  disclosed that 30 banks have already met the new minimum capital thresholds introduced under its ongoing banking sector recapitalisation programme.

The statement read, “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme.”

While several banks have already achieved the required capital levels, the CBN said the remaining institutions are currently undergoing routine supervisory checks before their compliance is formally confirmed.

“The CBN reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth,” the statement noted.