In a significant development for Nigeria's financial sector, Rand Merchant Bank Nigeria Limited (RMB Nigeria) has announced its compliance with the Central Bank of Nigeria's (CBN) revised minimum capital requirements well ahead of the regulatory deadline.
A Milestone Achieved Ahead of Schedule
The bank confirmed in a statement released on Monday that it successfully met the stipulated capital threshold on December 30, 2025. This achievement places RMB Nigeria among the frontrunners in the ongoing industry-wide recapitalisation exercise mandated by the apex bank.
The CBN's new capital framework, introduced in March 2024, set a minimum capital base of N50 billion for merchant banks operating within the country. For context, the requirements for other bank categories are substantially higher: international banks must maintain N500 billion, national commercial banks need N200 billion, while non-interest banks have thresholds of N20 billion (national) and N10 billion (regional).
Strengthening Confidence and Compliance
RMB Nigeria stated that meeting this crucial requirement underscores its financial resilience and unwavering commitment to regulatory standards. The bank emphasised that this milestone reflects strong shareholder confidence in both the institution's strategy and the long-term prospects of the Nigerian economy.
According to the bank's leadership, this strategic capitalisation enhances its capacity to deliver innovative financial solutions, fortify customer trust, and contribute more robustly to the stability and growth of Nigeria's banking landscape.
Leadership Commits to Long-Term Growth
Commenting on this accomplishment, the Chief Executive Officer of RMB Nigeria, Mr. Bayo Ajayi, highlighted its significance. "We are proud to have met the CBN’s capitalisation requirement," Ajayi said. "This milestone reflects our shareholders’ confidence in the Nigerian economy and our dedication to delivering best-in-class corporate and investment banking services across Nigeria and Africa."
He added that the bank remains sharply focused on building a stronger, more resilient institution capable of thriving within Nigeria's dynamic and evolving financial environment.
RMB Nigeria now joins a growing cohort of financial institutions that have successfully crossed the new capital threshold ahead of the final deadline of March 2026. The CBN Governor, Mr. Olayemi Cardoso, recently provided an update on the exercise's progress at the Bankers’ Dinner in Lagos. He confirmed that the recapitalisation drive remains firmly on course, disclosing that several banks have already met the new requirements while others are making steady headway.
"To date, 27 banks have raised capital through public offers and rights issues, and 16 have already met or exceeded the new requirements, demonstrating the resilience and depth of Nigeria’s banking sector," Governor Cardoso stated.
The banking industry's accelerated recapitalisation efforts have also positively impacted the stock market. Reports indicate a notable rally in banking stocks throughout 2025, with institutions like GTCO, Zenith Bank, and UBA among those driving a combined market capitalisation surge to N16.14 trillion—an impressive 86.8% increase—ahead of the March 2026 deadline.
