Parallex Bank Limited has announced that it has successfully met and exceeded the ₦50 billion minimum capital requirement set for regional commercial banks by the Central Bank of Nigeria.
The announcement was made by the bank’s Managing Director and Chief Executive Officer, Olufemi Bakre, in a statement addressed to customers and stakeholders.
According to Bakre, the achievement represents a major milestone for the financial institution and reinforces its standing as a resilient and forward-looking bank within Nigeria’s evolving banking sector.
He noted that surpassing the regulatory capital threshold reflects the bank’s commitment to disciplined growth, strong corporate governance, and operational excellence.
“This milestone reinforces our position as a financially resilient and forward-looking institution and reflects our unwavering commitment to excellence, disciplined growth, and strong governance,” Bakre said.
The bank explained that its strengthened capital base would enable it to broaden its lending capacity and expand financial services to more individuals and businesses across the country. It also noted that the new capital position will support efforts to deepen financial inclusion and deliver innovative, customer-focused banking solutions.
With the improved financial strength, the bank plans to enhance support for retail customers, small and medium-sized enterprises (SMEs), and corporate clients—segments widely regarded as key drivers of economic growth.
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Industry analysts say the move positions Parallex Bank more competitively within Nigeria’s banking landscape, especially as financial institutions continue to adjust to regulatory reforms aimed at strengthening the sector.
Bakre expressed appreciation to customers and partners for their continued trust and support, assuring them that the bank remains committed to delivering greater value and impact in the years ahead.
The development comes amid ongoing reforms in Nigeria’s banking industry led by the Central Bank of Nigeria, which introduced new capital requirements to strengthen the resilience, stability, and global competitiveness of the country’s financial system.