Standard Chartered Bank Hits ₦200bn Capital Target Early

Standard Chartered Bank Nigeria Limited has announced that it has met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦200 billion for national commercial banks, more than a year before the March 2026 deadline.

The bank said the early compliance demonstrates its confidence in Nigeria’s economic outlook and reaffirms its long-term commitment to the country’s financial system.

The recapitalisation follows the CBN’s directive issued in March 2024, which raised the minimum capital base for banks—₦500bn for international banks, ₦200bn for national commercial banks, ₦50bn for regional and merchant banks, and between ₦10bn–₦20bn for non-interest institutions.

In a statement, Chief Executive Officer of Standard Chartered Bank Nigeria, Dalu Ajene, said the bank’s decision to complete the exercise ahead of schedule signals its trust in Nigeria’s resilience and growth potential.

“This milestone underscores our confidence in the Nigerian economy and strengthens our ability to support clients and key sectors driving national development,” Ajene said.

Executive Director and Chief Financial Officer, Dayo Omolokun, added that the capital boost aligns with the group’s strategy to deepen its Nigerian operations, describing the country as an “important and strategic market” in Africa. He noted that since establishing a wholly owned subsidiary in 1999, the bank has provided financing worth billions of dollars to support businesses across infrastructure, manufacturing, energy and other sectors.

Standard Chartered, which has operated in Nigeria for 26 years, said the strengthened capital position will enable it to contribute more effectively to national economic goals, including the government’s target of achieving a $1 trillion economy by 2031.

The bank emphasized that the recapitalisation is not just regulatory compliance, but part of a broader plan to expand services, enhance innovation, and increase financial access for individuals and businesses.

As of the CBN’s most recent monetary policy briefing, 14 banks have met the updated capital threshold, according to Governor Olayemi Cardoso.