In a significant development for Nigeria's financial sector, Summit Bank has announced its successful compliance with the Central Bank of Nigeria's recapitalisation requirements well ahead of the March 2026 deadline. The two-year-old non-interest bank has demonstrated remarkable progress in strengthening its capital base, positioning itself as an early achiever in the industry-wide regulatory exercise.
Early Compliance Signals Confidence and Stability
As Nigerian banks race to meet the Central Bank of Nigeria's updated recapitalisation deadline of 31 March 2026, Summit Bank has emerged as one of the first institutions to achieve full compliance. This early accomplishment signals strong confidence in the bank's operations and stability within Nigeria's evolving banking landscape. The achievement is particularly notable given the bank's relatively young age in the competitive financial services market.
Capital Base Exceeds Regulatory Minimum
Recent regulatory checks reveal that Summit Bank recorded a capital base of ₦15.3 billion as of 21 May 2025, a figure that has been validated by the Central Bank of Nigeria. This places the bank comfortably above the ₦10 billion minimum requirement for regional non-interest banks under the ongoing recapitalisation exercise. The substantial capital cushion provides the institution with enhanced capacity to support its operations and expansion plans.
Leadership Attributes Success to Stakeholder Support
Summit Bank's Managing Director and Chief Executive Officer, Dr Sirajo Salisu, has attributed this significant milestone to strong stakeholder backing and disciplined execution. "This achievement has been made possible by the unflinching confidence of our shareholders, the effective leadership of the board and management team, as well as the dedication of the bank staff," he stated. According to Dr Salisu, achieving full capital compliance ahead of schedule reinforces the bank's vision of operational excellence and long-term value creation for all stakeholders.
Commitment to Ethical and Inclusive Banking
Summit Bank's Executive Director and Chief Operating Officer, Dr Mukhtar Adam, described the strengthened capital base as a launchpad for future growth rather than a finish line. He emphasized the bank's continued commitment to combining operational excellence with value-based banking principles. "With our strengthened capital base, we will continue to drive ethical and inclusive value-based banking through digital platforms, enhanced customer experience, and targeted lending that supports small and medium enterprises as well as underserved segments of the population," he noted.
Dr Adam further explained that the bank's forward-looking agenda includes responsible scaling, innovation within non-interest banking principles, and strategic partnerships that deliver shared economic value across Nigeria's financial ecosystem.
Understanding the CBN Recapitalisation Framework
The Central Bank of Nigeria's current recapitalisation framework requires banks to meet revised capital thresholds based on their licence categories:
- International banks must maintain ₦500 billion
- National commercial banks require ₦200 billion
- Regional commercial banks need ₦50 billion
- National non-interest banks must hold ₦20 billion
- Regional non-interest banks require ₦10 billion
Full compliance with these requirements is mandatory by 31 March 2026. This policy initiative is designed to strengthen financial stability across Nigeria's banking sector, improve banks' capacity to absorb economic shocks, and support sustainable economic growth through more resilient financial institutions.
A Young Institution with Ambitious Goals
Summit Bank was incorporated in July 2024 and received its operating licence from the Central Bank of Nigeria in February 2025. Established as a purpose-driven non-interest bank, the institution aims to redefine ethical and inclusive finance in Nigeria through transparent financial products, digital accessibility, and a strong commitment to financial inclusion initiatives.
By meeting its recapitalisation target ahead of schedule, Summit Bank has signalled its intention to play a significant long-term role in Nigeria's banking future, anchored on principles of trust, ethical operations, and inclusive growth. The achievement positions the young bank alongside established industry players that have already met or surpassed their respective capital thresholds, demonstrating its readiness to compete effectively in Nigeria's dynamic financial services market.
The banking sector continues to undergo significant transformation as institutions work to align with the Central Bank of Nigeria's recapitalisation requirements, with Summit Bank's early compliance serving as a positive indicator of the sector's adaptability and resilience in meeting regulatory expectations while pursuing growth objectives.
