Good News For Customers as Nigerian Bank Successfully Meets CBN’s Capital Requirement
- Greenwich Merchant Bank has announced that it has met the CBN's N50 billion minimum capital requirement
- The bank said that N22.6 billion of the N50 billion requirement was raised through a Rights Issue and Private Placement
- Greenwich plans to deploy the new capital to drive technological innovation and launch new products
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Greenwich Merchant Bank revealed it has successfully met the Central Bank of Nigeria’s (CBN) N50 billion minimum capital requirement.
In a letter dated September 22, 2025, the bank said the CBN has approved its fresh capital raise of N22.6 billion through a combination of Rights Issue and Private Placement.
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Merchant Bank fulfils CBN requirements
With this approval, Greenwich Merchant Bank said its total shareholders’ funds now exceed the regulatory benchmark.
The successful capital raise enhances Greenwich’s financial capacity to underwrite larger transactions, offer more competitive financing solutions, and deliver improved service to clients across sectors.
The bank promised that the new capital raised would be used strategically to advance its technological innovation, expand its range of products, and enhance its overall brand presence, according to Punch report.
Kayode Falowo, Chairman of Greenwich Group, described the successful capital raise as a major milestone in the bank’s growth journey.
He said:
“This is an important step in our growth and shows the hard work and dedication of everyone in the organisation.
"It puts us in a strong position for the next stage of our expansion. We thank our shareholders for their trust and appreciate the great efforts of our Board and Management.”
Also commenting, Benson Ogundeji, Managing Director and Chief Executive Officer of Greenwich Merchant Bank, said the capital raise reflects the confidence of shareholders and clients in the bank’s long-term vision.
“Our successful capital raise is more than just meeting a regulatory requirement; it shows the trust our shareholders, clients, and partners have in us.
"This achievement will help us provide better financial solutions and support Nigeria’s economic growth and stability.”
Greenwich said it plans to introduce new products to meet changing customer needs, including digital investment platforms, loans for small businesses, green finance options, better wealth management services, and partnerships that will create new growth opportunities.
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CBN capital requirement
The achievement of Greenwish comes at a crucial time for Nigeria’s banking industry, as financial institutions intensify recapitalisation efforts to meet CBN’s new capital requirements effective from March 31, 2026.
The CBN, in March 2024, directed lenders to raise fresh equity to meet higher paid-up capital thresholds: N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks.
Non-interest lenders face lower requirements of N20 billion and N10 billion.
14 banks meet CBN requirement
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has confirmed that 14 banks have scaled the recapitalisation hurdle.
The governor of the CBN, Olayemi Cardoso, disclosed during the last Monetary Policy Committee (MPC) meeting in Abuja.
The CBN boss said the financial sector has remained resilient, with most financial soundness indicators remaining within the projected benchmarks.
Source: Legit.ng
