Two-Year-Old Summit Bank Meets CBN Recapitalisation Target as Deadline Nears
- Summit Bank has met CBN's capital requirements ahead of the March 2026 deadline
- With ₦15.3 billion capital, Summit Bank surpasses the ₦10 billion minimum for regional non-interest banks
- Management credits success to shareholder confidence and commitment to ethical, inclusive banking growth
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
With Nigeria’s banking sector racing toward the Central Bank of Nigeria’s recapitalisation deadline, Summit Bank has emerged as one of the earliest success stories.
The two-year-old non-interest bank has confirmed that it has fully met the CBN’s capital requirement, positioning itself firmly within the regulator’s framework for a stronger and more resilient financial system.
Source: Twitter
The updated recapitalisation deadline of 31 March 2026 has placed pressure on banks across the industry to shore up their capital base.
Summit Bank’s early compliance signals confidence, stability, and readiness to compete within the evolving Nigerian banking landscape.
Capital base well above regulatory minimum
Checks reveal that Summit Bank recorded a regulatory capital base of ₦15.3 billion as of 21 May 2025, a figure previously validated by the CBN.
This places the bank comfortably above the ₦10 billion minimum requirement for regional non-interest banks under the ongoing recapitalisation exercise.
As one of Nigeria’s newest entrants into the non-interest banking segment, the achievement is notable.
It positions Summit Bank alongside established players such as Access Bank and others that have already met or surpassed their respective capital thresholds.
Leadership credits shareholder confidence, team effort
Reacting to the milestone, Summit Bank’s Managing Director and Chief Executive Officer, Dr Sirajo Salisu, attributed the achievement to strong stakeholder backing and disciplined execution.
“This milestone has been made possible by the unflinching confidence of our shareholders, the effective leadership of the board and management team, as well as the dedication of the bank staff,” he said.
According to him, achieving full capital compliance ahead of schedule reinforces the bank’s vision of operational excellence and long-term value creation.
Focus on ethical, inclusive growth
Summit Bank’s Executive Director and Chief Operating Officer, Dr Mukhtar Adam, described the strengthened capital base as a launchpad rather than a finish line.
He said the bank remains committed to combining operational excellence with value-based banking principles.
“With our strengthened capital base, we will continue to drive ethical and inclusive value-based banking through digital platforms, customer experience, and targeted lending that supports SMEs and the underserved,” he noted.
Adam added that the bank’s forward-looking agenda includes responsible scaling, innovation within non-interest banking principles, and partnerships that deliver shared economic value.
CBN recapitalisation framework explained
Under the current CBN recapitalisation framework, banks are required to meet revised capital thresholds based on their licence category.
International banks must hold ₦500 billion, national commercial banks ₦200 billion, regional commercial banks ₦50 billion, national non-interest banks ₦20 billion, and regional non-interest banks ₦10 billion. Full compliance is required by 31 March 2026.
The policy is designed to strengthen financial stability, improve banks’ capacity to absorb shocks, and support sustainable economic growth.
A young bank with big ambitions
Summit Bank was incorporated in July 2024 and received its operating licence from the CBN in February 2025.
Established as a purpose-driven non-interest bank, it aims to redefine ethical and inclusive finance in Nigeria through transparent products, digital accessibility, and a strong commitment to financial inclusion.
Source: Twitter
By meeting its recapitalisation target early, Summit Bank has signalled its intention to play a long-term role in Nigeria’s banking future, anchored on trust, ethics, and inclusive growth.
7 Nigerian banks face licence downgrades as deadline nears
Legit.ng earlier reported that Nigeria’s banking sector is entering a critical moment as the Central Bank of Nigeria (CBN) drives its sweeping recapitalisation programme toward a March 31, 2026, deadline.
Designed to create bigger, stronger and more resilient lenders, the reform is already reshaping strategies across the industry.
While many banks are scrambling to raise fresh capital to retain their current licence categories, industry sources say at least seven lenders are considering scaling down their licences, signalling a strategic recalibration rather than outright distress.
Source: Legit.ng
