Providus Bank Limited has affirmed that it fully complies with the Central Bank of Nigeria’s (CBN) minimum capital requirement for regional commercial banks, maintaining a capital base of N65 billion exceeding the N50 billion threshold—since January 2025.
The bank made the clarification on March 20, 2026, in response to Nairametrics inquiries regarding its recapitalisation status, refuting recent media suggestions that it had fallen short of the regulatory benchmark.
“Providus Bank confirms that it has met its capital requirement since January 2025 and currently has a capital base of N65 billion, which is in excess of its capital requirement,” the bank stated. It described any contrary claims as “inaccurate and inconsistent with its current regulatory standing” with the apex bank.
The disclosure comes as Providus Bank advances toward a major strategic milestone: its proposed merger with Unity Bank Plc, which is expected to elevate the combined entity to national commercial bank status upon completion. The merger, already backed by key regulatory approvals from the CBN and shareholder consent, is progressing with integration activities underway, pending final court sanction.
Once consummated, the enlarged institution will meet the N200 billion minimum capital requirement for national banks under the CBN’s recapitalisation framework.
The CBN recently reported that, as of March 6, 2026, 30 banks had satisfied the new minimum capital thresholds applicable to their licence categories. An additional three institutions have raised fresh capital through rights issues, initial public offerings, or private placements as part of the ongoing industry-wide recapitalisation exercise launched in 2024.
The apex bank noted that remaining banks are undergoing routine supervisory reviews before formal compliance confirmation.
Providus Bank continues to operate as one of the prominent regional players while the merger process concludes, positioning it to contribute to a stronger, better-capitalised banking sector aligned with the CBN’s objectives of financial stability, resilience, and enhanced lending capacity to support economic growth.
