Days after the Central Bank of Nigeria (CBN) directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn, Pacesetter News on Sunday authoritatively gathered that many of the top rated banks in the country have a long way to go if the new guidelines on recapitalization is anything to go by.
Pacesetter News has stumbled on a document showing current position of bank capitalization in Nigeria.
Presently, Access Bank current capital base stands at N251.81billion, meaning that it needs an additional N248.19billion to meet the new CBN’s target on recapitalization.
Other banks with international commercial rating as Access Bank especially the Zenith currently at N270.75billion needs additional N229.25 ahead of the deadline, while First Bank Nigeria Ltd with its N251.34billion; Union Bank of Nigeria N148billion; GTB N138.19billion; Fidelity Bank N129.71billion; FCMB N125.29billion; and UBA N115.82billion are still a far cry to the new recapitalization policy of the CBN.
