PARALLEX Bank Limited has announced that it has exceeded the Central Bank of Nigeria’s (CBN) N50 billion minimum capital requirement for regional commercial banks.
In a statement released on Monday, Managing Director and Chief Executive Officer of Parallex Bank, Mr Olufemi Bakre, described the achievement as a key milestone that strengthens the bank’s financial foundation and supports its long-term growth ambitions.
Bakre highlighted that the accomplishment underscores the bank’s focus on disciplined expansion, sound corporate governance, and operational resilience.
“Bolstered by this enhanced capital position, Parallex Bank is now better positioned to increase lending, promote financial inclusion, and continue providing innovative, customer-centric banking solutions across retail, SME, and corporate sectors,” he said.
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He noted that the stronger capital base will allow it to back businesses and households more effectively while widening access to financial services in its regional markets.
Parallex Bank also expressed gratitude to its customers and partners for their ongoing support, promising to create even greater impact in the coming years.
The recapitalisation exercise, initially announced by the CBN in March 2024, aims to reinforce the resilience of Nigeria’s banking sector and boost its capacity to drive economic growth.
The regulator has set March 31, 2026, as the deadline for banks to meet the capital requirement, with 30 banks reportedly having already complied.
Bank recapitalisation surges on
Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the ongoing banking sector recapitalisation exercise is advancing in line with the regulatory timetable, with momentum increasing as the March 31, 2026 deadline approaches.
Speaking at the close of the 304th Monetary Policy Committee (MPC) media briefing on Tuesday, February 24, 2026, Cardoso disclosed that 20 banks had already met the revised minimum capital requirements. He added that 13 other banks were in advanced stages of raising capital and were expected to complete the process within the stipulated timeframe.
According to the CBN governor, banks that were yet to finalise their capital plans were evaluating a range of strategic options, including mergers and other forms of consolidation where necessary, as they worked to meet the new requirements before the deadline.
Cardoso further revealed that as of February 19, 2026, the total verified and approved capital raised under the recapitalisation programme stood at N4.05 trillion.
Providing a breakdown of the figure, he said N2.90 trillion, representing 71.67 percent, was sourced from domestic investors, while foreign participation accounted for $706.84 million, equivalent to about N1.15 trillion or 28.33 percent of the total. He noted that the strong mix of local and international funding reflects growing investor confidence in Nigeria’s banking sector.
The governor also addressed the situation of banks currently under regulatory intervention, explaining that the sequence and structure of recapitalisation measures for such institutions are influenced by specific legal and operational considerations.
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He assured stakeholders that the CBN remained actively engaged with relevant parties to ensure orderly and credible outcomes while safeguarding financial system stability. Cardoso emphasised that depositors’ funds in the affected institutions remained secure and that their operations would continue under close regulatory supervision.
Based on the pace of compliance and the ongoing capital-raising efforts across the industry, the CBN chief expressed optimism that most banks would meet the new capital requirements before the March 31, 2026 deadline.
Under the CBN recapitalisation framework, minimum capital requirements have been set at N500 billion for commercial banks with
FCMB Group Plc announced earlier this week that it had successfully concluded the capital raising process required under Nigeria’s banking recapitalisation programme, positioning the bank to meet the March 2026 regulatory deadline for lenders with international licences.
The financial group said the exercise had received all necessary approvals from regulators, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the National Pension Commission (NPC)
