Parallex Bank Limited said it has completed the recapitalisation requirement of the Central Bank of Nigeria, surpassing the N50 billion minimum capital threshold for regional commercial banks ahead of the March 31, 2026, deadline.
The feat reinforces the bank’s position as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape while positioning it for accelerated growth.
The development now places Parallex Bank among financial institutions that have complied with the apex bank’s directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the development, Mr Olufemi Bakre, the managing director of the lender, said the milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results.
He added that the strengthened capital position will enable Parallex Bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.
“With this strengthened capital position, Parallex Bank is better equipped to expand lending, deepen financial inclusion and continue delivering innovative, customer-focused banking solutions across the retail, SME and corporate segments of the economy,” he said.
The recapitalisation exercise, announced in March 2024 by the CBN, is expected to strengthen the resilience of Nigeria’s banking sector and enhance its capacity to support economic growth.
Mr Bakre commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance, oversight, and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.
According to him, the Board’s commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.