The management of Providus Bank has debunked recent media reports regarding the recapitalisation status of certain banks, clarifying that the bank met the capital requirement stipulated by the Central Bank of Nigeria (CBN) since January 2025.

In a terse statement on Friday, the bank noted that any suggestion that it has not met the applicable recapitalisation threshold is not consistent with its current regulatory standing.

The statement read: “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 Central Bank of Nigeria (CBN) recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of ₦50 billion.

“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.”