Summit Bank Limited has announced its full compliance with the newly revised minimum capital requirements mandated by the Central Bank of Nigeria (CBN), reaching the milestone nearly a year ahead of the March 2026 deadline.
In a formal communiqué released on Monday, the financial institution revealed that the apex bank has confirmed its regulatory capital at ₦15.3 billion as of 21 May 2025. This figure places the bank significantly above the ₦10 billion threshold required for its specific license as a regional non-interest bank.
The announcement follows the Central Bank’s recent systemic overhaul of banking capitalisation. Under the new directive, international commercial banks must raise their capital to ₦500 billion, whilst national and regional commercial banks are required to meet ₦200 billion and ₦50 billion respectively. For the non-interest banking sector, the requirements were set at ₦20 billion for national operators and ₦10 billion for regional institutions.
The Board of Directors attributed this swift achievement to the unwavering confidence of the bank’s shareholders and the robust strategic leadership of the management team.
“Attaining full compliance well ahead of the statutory schedule underscores our financial resilience and the sustained loyalty of our clientele,” the statement noted. “This strengthened capital base serves to reinforce our long-term commitment to operational excellence and financial stability within our regional operations.”
By securing its capital position prematurely, Summit Bank is now strategically poised to intensify its efforts in several key areas:
- Financial Inclusion: Expanding access to banking services for underserved populations within its regional remit.
- Ethical Finance: Delivering innovative solutions rooted in non-interest banking principles to meet the growing demand for Sharia-compliant financial products.
- Economic Support: Deepening its role in fostering local economic development through targeted lending and investment.
As the wider Nigerian banking sector continues to navigate a period of significant consolidation—marked by equity raises and potential mergers—Summit Bank’s early success provides a stable foundation for its future growth and its role in the nation’s evolving financial landscape.
