The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country.
A statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the capital base of banks with international authorisation had been increased to minimum of N500 billion while that of national banks was increased to N200 billion.
The CBN noted that commercial banks with regional authorisation are expected to achieve a N50 billion capital base.
In contrast, merchant banks are expected to shore up their capital to N50 billion as the minimum capital requirement.
The apex bank directed non-interest banks with national and regional authorisations to boost their capital to N20 billion and N10 billion, respectively.
The CBN noted that all banks are required to meet the minimum capital requirement within 24 months, commencing from 1 April and terminating on 31 March 2026.
The Executive Chairman of Ikeja Local Government, Comrade Akeem Olalekan Dauda (AKOD), on Thursday…
For generations, conventional financial advice has treated debt like a trap — a final, desperate…
President Bola Ahmed Tinubu has approved the expansion of the Nigerian Army’s structure from eight…
The Legal Practitioners' Privileges Committee (LPPC) has approved the conferment of the prestigious rank of…
The Organized Private Sector of Nigeria (OPSN), comprising the Manufacturers Association of Nigeria (MAN), the…
BY ADEMOLA OSHODI The international environment is placing a heavier responsibility on Nigeria. Regional security…