Providus Bank Limited has moved to clear doubts about its compliance with regulatory requirements, stating that it has not only met but comfortably exceeded the new capital threshold set by the Central Bank of Nigeria (CBN).

In a statement issued on Friday, the lender addressed speculation surrounding its position under the apex bank’s ongoing recapitalisation programme, which provides a 24-month window for banks to meet revised capital requirements.

The bank disclosed that while regional commercial banks are required to maintain a minimum capital base of ₦50 billion, Providus Bank currently holds ₦65 billion in paid-up capital. This represents a surplus of ₦15 billion, placing it well above the regulatory minimum.

Providus Bank also highlighted that it had already reached the ₦50 billion benchmark in January 2025—well ahead of the March 31, 2026 deadline set by the CBN under the leadership of Olayemi Cardoso. This early compliance, the bank noted, reinforces its financial stability and long-term strategic positioning.

According to the bank, any claims suggesting it has fallen short of the recapitalisation requirement are inaccurate and do not reflect its current standing with regulators.

The recapitalisation initiative, which began on April 1, 2024, is part of broader efforts by the CBN to strengthen the banking sector against economic shocks. Under the policy, minimum capital thresholds were set at ₦500 billion for international banks, ₦200 billion for national banks, and ₦50 billion for regional banks.

Providus Bank noted that maintaining capital levels about 30 percent above the required minimum underscores its commitment to strong corporate governance and sustainable growth. The lender added that its solid capital base enhances its ability to support clients and invest in long-term opportunities.

With the recapitalisation deadline approaching, the banking sector continues to adjust to the new regime. Providus Bank’s early compliance and capital surplus position it as a key player capable of financing innovation, supporting businesses, and driving digital transformation across the economy.