CBN gives banks two years to meet N500b new capital base

Nigerian banks have 24 months to recapitalise their capital base to at least N500 billion international authorisation capitalisation to continue operations in the country, the Central Bank of Nigeria has said. This comes after the apex bank urged Nigerian banks to expedite action on the recapitalisation of their capital base to strengthen the financial…

The CBN further said the new minimum capital for merchant banks would be N50 billion, while the new requirements for non-interest banks with national and regional authorisations are N20 billion and N10 billion, respectively. Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle had been granted. To improve electricity supply across Africa and reduce dependency on expatriates from Europe and other continents, Nigeria is currently training several personnel in Southern and Western countries.

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