Providus, Unity, Keystone, and Mauritius Banks Lag Behind in CBN Recapitalisation Efforts

As the deadline for the Central Bank of Nigeria (CBN)'s new minimum capital requirement approaches, recent findings reveal that Providus Bank Limited, Unity Bank Plc, Keystone Bank, and Mauritius Bank have not yet adhered to the apex bank's recapitalisation policy.

According to a report obtained by THISDAY, Zenith Bank Plc along with 29 other financial institutions have already complied with the CBN’s recapitalisation deadline set for March 31, 2026.

Both Unity Bank and Keystone Bank, categorized as national banks, are obligated to meet a minimum capital of N200 billion, while Providus, identified as a regional bank, needs to achieve N50 billion.

The recapitalisation initiative, which was introduced in 2024, stipulated that the minimum capital thresholds be raised 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 for national status and N10 billion for regional.

The CBN has reported that the ongoing recapitalisation effort, initiated in 2024, is yielding positive results as financial institutions bolster their capital bases using various fundraising strategies.

Furthermore, this recapitalisation drive is part of a more extensive reform aimed at enhancing the stability of Nigeria’s financial system and enabling banks to better facilitate economic development.

Hakima Sidi-Ali, the Acting Director of Corporate Communications at the CBN, recently stated that 30 banks have successfully met the new minimum capital requirements established under the continuing banking sector recapitalisation programme.

The CBN's statement mentioned, "As of March 6, 2026, the recapitalisation program is advancing effectively. Over 30 banks have achieved the new minimum capital standards related to their respective license authorizations. In total, 33 banks have secured additional capital through rights issues, initial public offerings (IPOs), and private placements as part of this initiative."

While a number of banks have satisfied the necessary capital levels, the CBN clarified that the remaining banks are currently undergoing routine supervisory assessments to confirm their compliance officially.

The banks' stability remains intact, and the CBN reassured that the recapitalisation program is on course to further enhance the banking sector's capacity to support households, businesses, and sustainable economic growth.