Standard Chartered Bank Nigeria Limited has confirmed that it has met the Central Bank of Nigeria’s N200bn minimum capital requirement for national commercial banks, ahead of the deadline in 2026.
This was disclosed in a statement made available to the Press on Monday.
In March 2024, CBN raised the operating minimum capital requirements for banks operating in the country. Banks with an international licence faced N500bn, and national commercial banks were expected to raise N200bn. The MCR for regional banks and merchant banks were pegged at N50bn each. In the non-interest space, national non-interest players were expected to meet a new N20bn capital threshold, while the regional players would raise N10bn.
The stakeholders were given until March 2026 to meet the new deadlines.
As of the last meeting of the Monetary Policy Committee, Central Bank of Nigeria Governor, Olayemi Cardoso, disclosed that 14 banks have met the new MCR.
According to Standard Chartered, meeting the new MCR highlights the bank’s formidable financial foundation and reaffirms its focus on deepening its presence in Nigeria, one of its most pivotal African markets, through committed investment, robust capital base, strong and sustainable balance sheet, and value-enhancing financing to support clients’ leading growth in key sectors that propel national productivity.
Dalu Ajene, Chief Executive Officer of Standard Chartered Bank Nigeria Limited, stated, “Delivering on the CBN’s recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy. This achievement reaffirms Standard Chartered’s enduring partnership with Nigeria and our steadfast commitment to foster sustainable growth, support clients, and play a pivotal role in Nigeria’s financial and economic transformation”.
Executive Director and Chief Financial Officer, Dayo Omolokun, added, “The recapitalisation of Standard Chartered Bank Nigeria Limited ahead of the March 2026 deadline reinforces the group’s commitment to Nigeria, as an important and strategic market on the African continent. Since returning to Nigeria to establish a wholly owned subsidiary in 1999, the Bank has supported clients and customers with structured financial solutions running into billions of Dollars, combining differentiated cross-border capabilities with leading wealth management expertise”.
The bank added that new capital investment will enable it to do more, especially towards the achievement of a $1tn economy by 2031 as envisioned by President Bola Tinubu.
Standard Chartered Bank Nigeria Limited has been operating in Nigeria for about 26 years of dedicated service in Nigeria, blending global expertise with local insights to provide innovative banking solutions that empower individuals, businesses, and communities to prosper.
