Bank mergers likely as CBN directs N500b capital base

A Significant increase in the minimum capital requirements for all banks operating in the country was yesterday announced by the

Banks with regional authorisation have been mandated in the circular to raise their minimum capital base from N10 billion to N50 billion.Non-interest banks with national and regional authorisations now have minimum capital requirements of N20 billion and N10 billion respectively. Failure to comply with the CAR could result in mandatory capital injections to regularise the bank’s position.

The circular says the CBN assessed various factors in determining the appropriate level of the minimum capital requirements. “In addition, the CBN will require all banks to ensure that appropriate and effective anti-money laundering screening/checks are conducted.“There will be strict enforcement of fit and proper checks for all prospective and significant shareholders as well as directors and senior management staff of banks.

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