In an update published by BusinessDay, Parallex Bank Limited announced that it has successfully crossed the N50 billion minimum capital threshold mandated by the Central Bank of Nigeria for regional commercial banks. This milestone marks a significant achievement for the institution, which transitioned from a microfinance bank to a commercial entity just a few years ago.
The bank’s Managing Director, Olufemi Bakre, stated that the successful recapitalization would empower the institution to expand its lending capacity and deepen financial inclusion. This development comes as the CBN intensifies its oversight to ensure that all deposit money banks are sufficiently cushioned against systemic shocks.
Validation: The Nation and Leadership also reported on the banking sector’s progress. The Nation reported that “Parallex joins the list of early bird compliant banks,” while Leadership noted that “CBN says 30 banks have now met the capital threshold.”
Echotitbits take: Parallex’s success is a signal that the banking sector’s “recapitalization fever” is yielding results. Expect a wave of mergers and acquisitions among smaller players who fail to meet the deadline in the coming weeks.
Source: The Guardian – https://guardian.ng/business-services/business/parallex-bank-completes-recapitalisation-positions-for-accelerated-growth/, March 10, 2026
Photo credit: The Guardian
