**Providus Bank Meets CBN Capital Requirement, Sets Record Straight** Providus Bank Limited has confirmed that it has successfully met and exceeded the recapitalisation threshold set by the Central Bank of Nigeria (CBN). The bank's statement comes in response to recent media reports suggesting that it had not complied with the regulatory capital requirements. According to the bank, it has maintained a minimum capital base of N50 billion as mandated by the CBN's recapitalisation framework since January 2025. Providus Bank's current paid-up capital stands at N65 billion, significantly above the regulatory minimum of N50 billion. This strong capital position is a testament to the bank's resilience and commitment to sound financial management. The bank emphasized that its compliance with the CBN's recapitalisation requirement has placed it in a good position to support its growth strategy and continue delivering value to customers and stakeholders. The CBN's recapitalisation framework, announced on March 28, 2024, aims to ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. The exercise requires a minimum capital of N500 billion, N200 billion, and N50 billion for commercial banks with international, national, and regional licences, respectively. The 24-month timeline for compliance ends on March 31, 2026. In a statement, Providus Bank clarified its position on the CBN's recapitalisation requirement. The bank noted: "Providus Bank Limited notes recent media reports regarding the recapitalisation status of certain banks and considers it important to provide factual clarification as it relates to the Bank. Under the CBN recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of N50 billion." The bank further stated: "Providus Bank confirms that it had met its capital requirement since January 2025 and currently has a capital base of N65 billion which is in excess of its capital requirement. Accordingly, any suggestion that Providus Bank has not met the applicable recapitalisation threshold is not consistent with its current regulatory standing." Providus Bank has reiterated its dedication to maintaining robust governance standards and aligning with all prudential guidelines set by the apex regulator. The bank's commitment to sound financial management and compliance with regulatory requirements underscores its resilience and commitment to delivering value to customers and stakeholders.