PremiumTrust Bank has met the N200 billion minimum capital requirement for National Commercial Banks ahead of the March 2026 deadline set by the Central Bank of Nigeria (CBN), becoming only the third national bank to do so.
The upstart lender, just three years old, exceeded the new capital requirement after wrapping up a rights issue and private placement with CBN sign-off, it said in a statement.
PremiumTrust Bank joins Wema Bank and Stanbic IBTC as the three national lenders that have cleared the new capital hurdle ahead of the 2026 deadline, which is in seven months.
The move underscores the lender’s ambitions to gain ground in a sector where larger incumbents are still weighing strategies to comply with sweeping recapitalisation rules announced in March.
The CBN raised minimum capital thresholds for commercial banks in its first major overhaul since 2004, requiring lenders with international licenses to hold at least N500 billion in paid-up capital, national lenders N200 billion, and regional banks N50 billion.
The directive is aimed at strengthening balance sheets against rising credit risks, foreign-exchange volatility, and inflation running above 30 percent.Eight banks- Access Holdings plc, Zenith, Stanbic IBTC, Wema, Providus, Jaiz Bank, Lotus Bank and Greenwich Merchant bank- spread across the different license categories have since met the deadline according to the CBN, with PremiumTrust joining the fray as the ninth.
“Exceeding the N200 billion capital requirement is a defining moment,” Chief Executive Emmanuel Efe Emefienim said.
“This achievement in just three years reflects our performance and the trust of shareholders and regulators.”
PremiumTrust, which began operations in 2022, says the capital buffer will allow it to expand lending to infrastructure and the agriculture sector which the Nigerian government has identified as critical for growth.Its rapid balance-sheet expansion has caught attention in an industry long dominated by incumbents.
“Early compliance by a young lender like PremiumTrust puts pressure on more established rivals,” said one Lagos-based banking analyst, who asked not to be named discussing regulatory matters.
“It signals confidence to investors and may shift the competitive landscape, especially if others delay.”
The recapitalisation echoes a 2004 exercise under then-CBN governor Charles Soludo, which forced banks to raise capital to N25 billion from N2 billion.
That consolidation cut the number of lenders from 89 to 25 and paved the way for stronger players to emerge.
“As Nigeria’s fastest-growing bank, we are uniquely positioned to not only lead the sector but to continue delivering outstanding value and growth for our stakeholders,” CEO Emefienim added.
PremiumTrust Bank’s assets more than tripled in 2024 alone, bolstering claims of being Nigeria’s fastest-growing lender.
The Lagos-based lender’s total assets climbed 232 percent to N1.03 trillion in 2024, from N311 billion a year earlier, according to filings tracked by BusinessDay.
Interest income also jumped 252 percent to N106.5 billion from N30 billion while Profit after tax rose 326 percent to N39.8 billion, compared with N9.3 billion in 2023.
Source: Business Day NG
Follow the OSUNDOTLIFE channel on WhatsApp