Standard Chartered Bank Nigeria Limited has announced that it has met the Central Bank of Nigeria’s (CBN) ₦200 billion minimum capital requirement for national commercial banks well ahead of the March 2026 deadline, reaffirming its long-term commitment to the Nigerian market.
The milestone underscores the bank’s confidence in Nigeria’s economic potential and its commitment to support financial stability and growth across key sectors of the economy.
In a statement, Dalu Ajene, Chief Executive Officer of Standard Chartered Bank Nigeria Limited, said the early compliance reflects the bank’s faith in the country’s resilience and economic trajectory.
“Delivering on the CBN’s recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy,” Ajene said.
“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.”
Standard Chartered Bank Nigeria Limited, which has operated in the country for 26 years, is one of the oldest international banks in Africa, tracing its regional presence back over 170 years.
The bank said its strong capital base and balance sheet position it to continue financing critical sectors driving productivity and development, including infrastructure, energy, and manufacturing.
Dayo Omolokun, Executive Director and Chief Financial Officer, described the move as a reaffirmation of the Group’s strategic focus on Nigeria as a vital African market.
“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,” Omolokun said.
“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 cross-border capabilities with leading wealth management expertise.”
He added that the fresh capital injection would enable the bank to further align with Nigeria’s broader economic ambitions, including the government’s vision of achieving a one-trillion-dollar economy by 2031.
The bank emphasised that its recapitalisation effort is not merely a regulatory compliance exercise but part of a broader strategy to deepen its footprint in Nigeria through sustained investment, innovation, and customer-focused solutions.
Standard Chartered said it will continue to leverage its international network and local expertise to support economic diversification and enhance access to finance for businesses and individuals.
The CBN’s recapitalisation directive, announced earlier in 2024, requires national commercial banks to raise their minimum capital base to ₦200 billion as part of efforts to strengthen the banking system and safeguard financial stability.
Standard Chartered with this development joins the group of banks that have already met the new capital threshold ahead of time, and also as a key partner in Nigeria’s financial transformation agenda.
