March 10, (THEWILL) — Parallex Bank Limited has strengthened its balance sheet after surpassing the ₦50 billion minimum capital requirement for regional commercial banks set by the Central Bank of Nigeria, marking the completion of its recapitalisation process.
The development places the bank among financial institutions that have complied with the apex bank’s directive to strengthen the capital base of deposit money banks, improve financial system stability and enhance the sector’s capacity to support economic growth.
In a statement, the bank said the successful capital raise reinforces its standing as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape.
Speaking on the achievement, the Managing Director of Parallex Bank, Olufemi Bakre, said the successful recapitalisation underscores the bank’s belief that excellence, when consistently pursued, delivers sustainable results. He emphasised that achievement reflects the institution’s commitment to excellence and disciplined execution of its strategic goals.
“The milestone underscores our belief that excellence, when consistently pursued, delivers sustainable results,” Bakre said, adding that the bank remains focused on providing value-driven financial services while maintaining strong corporate governance standards.
Bakre noted that the strengthened capital base would enable the bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.
According to him, the recapitalisation will also support the bank’s long-term growth ambitions and strengthen its ability to contribute meaningfully to Nigeria’s economic development.
He also commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance, oversight and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.
Bakre further noted that the board’s commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.
The recapitalisation programme introduced by the Central Bank of Nigeria is designed to build a more robust and resilient banking system capable of withstanding economic shocks while supporting long-term economic expansion.
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