The Chairman of the United Bank for Africa (UBA), Tony Elumelu, has expressed confidence that the bank will meet the Central Bank of Nigeria’s (CBN) new capital requirement of N500 billion ahead of the March 2026 deadline.
This announcement follows the CBN’s directive that mandates all commercial, merchant, and non-interest banks, as well as promoters of proposed banks, to increase their capital base within 24 months starting from April 2024.
The new regulations require commercial banks with international authorisation to have a minimum capital base of N500 billion, while those with national authorisation need N200 billion. Banks with regional authorisation must have a N50 billion capital base, similar to merchant banks. Non-interest banks are required to hold N20 billion for national authorisation and N10 billion for regional authorisation.
